pvtltd.co

Audit & Assurance

Audit & Assurance Services

Every audit a Private Limited company needs in one place: statutory audit under s.143 Companies Act 2013, tax audit under s.44AB Income-tax Act 1961, internal audit under s.138, and BRSR assurance — all performed to ICAI Standards on Auditing with UDIN-verified reports.

Reviewed by CA Harun Raaj, ICAI Reg. No. 238303·Last reviewed:
Starting from Discuss with usTypical timelineAudit & Assurance

Statutory audit under s.143 Companies Act 2013, tax audit under s.44AB IT Act 1961, internal audit under s.138, and BRSR assurance — ICAI SA-based, UDIN-verified, timed to the AGM and filing deadlines.

What is included
  • • Statutory audit under s.143 to ICAI Standards on Auditing
  • • Tax audit under s.44AB with Form 3CA/3CB and 3CD particulars
  • • Internal audit under s.138 where thresholds apply
  • • BRSR / BRSR-Core assurance for applicable companies
  • • Audit report with UDIN (Unique Document Identification Number)
  • • Handover of working papers for ROC filings (AOC-4, MGT-7)
Documents required
  • • Trial balance and draft financial statements
  • • Ledger extracts, bank statements and confirmations
  • • Statutory registers, board minutes and approvals
  • • Prior year audit file and any notices
Government fees

See the fee table below for the statutory filing charge and common delay logic.

Legal basis
  • • Section 143 of the Companies Act 2013
  • • Section 139 of the Companies Act 2013
  • • Section 44AB of the Income-tax Act 1961
  • • Section 138 of the Companies Act 2013
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Process

How the service works

The workflow is built to be predictable: document collection, legal review, filing, and post-filing follow-through.

Step 1Scope

Confirm the audit trigger

We confirm which audits apply — statutory under s.143 (every company), tax under s.44AB (threshold), internal under s.138 — and the relevant financial year.

Step 2Docs

Collect the evidence pack

We pull the trial balance, ledgers, bank statements, confirmations, and statutory registers, and flag gaps before fieldwork starts.

Step 3Fieldwork

Run the audit fieldwork

We perform the audit procedures to ICAI Standards on Auditing — vouching, verification, analytical review, and management representation.

Step 4Report

Draft the report and UDIN

We finalise the audit report, generate the UDIN for the signing CA, and present findings to the board with a management letter.

Step 5File

File with ROC and IT

We support the connected filings — AOC-4 within 30 days of the AGM, MGT-7 within 60 days, and Form 3CA/3CB with the ITR.

AEO summary

Audit & assurance covers the audits a Private Limited company must get: statutory audit under s.143 Companies Act 2013 (every company), tax audit under s.44AB Income-tax Act 1961 (turnover above the threshold), internal audit under s.138 for larger companies, and BRSR assurance where applicable. Reports are filed via AOC-4/MGT-7, with the audit done before the AGM deadline.

The four audits and when each one applies

Statutory audit applies to every company without exception — s.143 of the Companies Act 2013 read with s.139 (appointment) requires the accounts to be audited before the AGM. Tax audit applies from the s.44AB turnover threshold (₹1 crore, ₹10 crore for ≤ 5% cash) and feeds the ITR through Form 3CA/3CB + 3CD. Internal audit under s.138 applies to every listed company and to other companies above the Rule 13 thresholds (paid-up capital ₹50 crore, turnover ₹200 crore, or outstanding loans/borrowings ₹100 crore). BRSR assurance applies to listed entities under SEBI LODR.

The audit calendar is fixed: the statutory audit finishes before the AGM (30 September for a March year-end), AOC-4 is filed within 30 days of the AGM, MGT-7 within 60 days, and the tax audit report by 30 September for the ITR. Missing any one of these deadlines cascades into the others.

  • • Statutory — s.143, every company, before the AGM
  • • Tax — s.44AB, turnover > ₹1 crore (business) / ₹50 lakh (professional); ₹10 crore for ≤ 5% cash
  • • Internal — s.138 + Rule 13: capital ≥ ₹50 Cr, turnover ≥ ₹200 Cr, borrowings ≥ ₹100 Cr
  • • BRSR — SEBI LODR Reg 34(2)(f), listed + phased BRSR-Core assurance
  • • Filing clock — AOC-4 in 30 days of AGM, MGT-7 in 60 days, ₹100/day s.403 late fee

Why audit timing is a filing deadline, not a formality

The audit is the gating item for the entire ROC calendar. The board cannot approve the financial statements credibly without the auditor's report, the AGM cannot be held without board-approved financials, and AOC-4 cannot be filed without the AGM. A company that starts its audit in October has already missed the September AGM window, and the ₹100/day s.403 fee plus the s.137(3) penalty (₹1,000/day, cap ₹10 lakh) start running on AOC-4 immediately.

The fix is starting the evidence pack early. When the trial balance, ledgers, bank statements and statutory registers are audit-ready by August, the fieldwork is a formality and the report lands before the AGM date — with the UDIN in place so the ROC, banks and the income-tax department all accept it on sight.

  • • Gating order — audit → board approval → AGM → AOC-4 (30 days) → MGT-7 (60 days)
  • • Late AOC-4 — ₹100/day (s.403) + ₹10,000 + ₹100/day penalty (s.137(3), max ₹2,00,000)
  • • Tax audit report — Form 3CA/3CB + 3CD by 30 September
  • • Every report UDIN-verified on the ICAI portal

Government fees

Fee breakdown

ItemFeeNotes
Professional audit feeDiscuss with usQuoted on turnover, transaction volume and evidence-pack readiness.
AOC-4 / MGT-7 late fee (if filings slip)₹100/day per form, s.403 Companies Act 2013Plus s.137(3) penalty of ₹10,000 + ₹100/day (max ₹2,00,000 company / ₹50,000 officer) for late AOC-4 — Companies (Amendment) Act 2020.

Timeline

Typical turnaround

Typical timeline usually means a 1–3 weeks (statutory); longer for brsr turnaround, assuming documents are complete and any board or shareholder approvals are already in place.

Pricing note

Audit fees are quoted on turnover, transactions, and evidence-pack readiness — not a portal fee.

Related services

Keep the company moving

Statutory Audit

Statutory audit under s.143 Companies Act 2013 with UDIN and board-ready reporting.

Tax Audit 44AB

Compulsory tax audit under s.44AB IT Act 1961 — Form 3CA/3CB + 3CD, due 30 September.

Internal Audit

Risk-based internal audit under s.138 where the turnover/capital thresholds apply.

Forensic Audit

Independent investigation, exception analysis and evidence-backed reporting for suspected fraud.

FAQ

Frequently asked questions

Which audits does a Private Limited company actually need?
Every company needs a statutory audit under s.143 of the Companies Act 2013, done before the AGM. Where turnover crosses the s.44AB threshold (₹1 crore for business, ₹50 lakh for professionals — raised to ₹10 crore for businesses whose cash receipts and payments are each ≤ 5%), a tax audit with Form 3CA/3CB and 3CD is also required. Larger companies additionally need an internal audit under s.138 read with Rule 13 of the Companies (Accounts) Rules 2014 (paid-up capital ≥ ₹50 crore, turnover ≥ ₹200 crore, or outstanding loans/borrowings ≥ ₹100 crore). BRSR assurance applies to listed and certain large unlisted companies under SEBI rules.
When is the statutory audit due and what happens if it's late?
The audit must be completed before the AGM, which s.96(1) of the Companies Act 2013 requires within 6 months of the financial year end (30 September for a March year-end). The audited financials are filed in AOC-4 within 30 days of the AGM and the annual return in MGT-7 within 60 days. Late AOC-4 attracts ₹100/day additional fee under s.403 plus a penalty of ₹10,000 + ₹100/day under s.137(3), max ₹2,00,000 company / ₹50,000 officer (Companies (Amendment) Act 2020).
What is the tax audit threshold under s.44AB?
Under s.44AB of the Income-tax Act 1961, a tax audit is required where business turnover exceeds ₹1 crore (₹10 crore where cash receipts and cash payments are each 5% or less — s.44AB as amended by the Finance Act 2020) or professional gross receipts exceed ₹50 lakh. The audit report is filed in Form 3CA (non-corporate) or 3CB (corporate) with the particulars in Form 3CD, by 30 September.
What is a UDIN and why does the report carry one?
UDIN (Unique Document Identification Number) is a 18-digit number generated on the ICAI portal that the signing auditor attaches to every audit report, certificate and attestation. It lets anyone verify online that the report was genuinely issued by the CA whose signature it bears — which is what banks, the ROC and the income-tax department check. Every report we issue carries one.
Can the same CA do both the statutory and tax audit?
Yes — for most Private Limited companies the same CA firm can perform both the statutory audit under s.143 Companies Act 2013 and the tax audit under s.44AB, since neither statute prohibits it for a company. The restriction that matters is different: the statutory auditor cannot provide prohibited non-audit services to the company under s.144 of the Companies Act 2013 (bookkeeping, internal audit, actuarial services, etc.).
What does BRSR assurance involve?
BRSR (Business Responsibility and Sustainability Report) is filed by listed companies under SEBI LODR Regulation 34(2)(f), and BRSR-Core assurance is required for the top 150 listed entities by market capitalisation from FY 2023-24 and the top 250 from FY 2024-25, per the SEBI circular dated 12 July 2023 (SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122). The assurance engagement verifies the ESG data (GHG emissions, energy, water, diversity) against the BRSR framework. It is a separate, data-heavy engagement from the financial audit.

Canonical reference: https://www.pvtltd.co/services/audit

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