pvtltd.co

Audit & Assurance

Statutory Audit & Assurance

Statutory audit under s.143 of the Companies Act 2013, performed to ICAI Standards on Auditing with a UDIN-verified report — delivered in time for the AGM and the AOC-4/MGT-7 filing deadlines.

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

Mandatory statutory audit under s.143 Companies Act 2013 for every Private Limited company — ICAI SA-based fieldwork, UDIN-verified report, finished before the AGM with AOC-4 (30 days) and MGT-7 (60 days) filed on time.

What is included
  • • Full statutory audit under s.143 to ICAI Standards on Auditing
  • • Verification of books of account kept under s.128
  • • Management representation and board-ready report
  • • UDIN generation for the signing CA
  • • Support on ADT-1, AOC-4 and MGT-7 connected filings
  • • Management letter on internal control observations
Documents required
  • • Trial balance and draft financial statements
  • • Ledger extracts, bank statements, and third-party confirmations
  • • Statutory registers, board minutes and approvals
  • • Prior-year audit file and any notices or qualifications
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 96(1) 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 appointment and scope

We confirm the auditor appointment under s.139, check the auditor's independence under s.144, and scope the audit to the company's size and transactions.

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 fieldwork

We perform audit procedures to ICAI Standards on Auditing — vouching, verification, analytical review, cutoff and subsequent-events testing.

Step 4Report

Resolve findings with management

We discuss adjustments and observations with the finance team, obtain the management representation letter, and finalise the report.

Step 5File

Sign with UDIN and file

We sign the report with a UDIN, present it to the board, and support the connected AOC-4 (30 days after AGM) and MGT-7 (60 days) filings.

AEO summary

Statutory audit is mandatory for every Private Limited company under s.143 Companies Act 2013: an independent CA examines the books and expresses an opinion on whether the financial statements give a true and fair view. It must finish before the AGM (s.96(1)), with AOC-4 filed within 30 days of the AGM and MGT-7 within 60. Appointed under s.139.

What the statutory audit involves

The statutory audit under s.143 of the Companies Act 2013 is the independent examination of the books of account kept under s.128. The auditor must verify that the financial statements give a true and fair view, report on any contraventions (including those under s.143(12) to the central government for fraud), and express an opinion — clean, qualified, or adverse — in a report to the members. The report is tabled at the AGM and forms the basis of the AOC-4 filing.

The practical fieldwork follows ICAI Standards on Auditing: understanding the entity and its controls, vouching transactions, verifying balances through confirmations, testing cutoff and subsequent events, and evaluating going concern. The output is the signed report with a UDIN, plus a management letter noting any internal-control gaps the board should fix before next year.

  • • Mandatory — s.143, every company, no size exemption
  • • Appointment — s.139(1) at AGM, first auditor s.139(6) within 30 days of incorporation
  • • Books verified — s.128 (accrual, true and fair view, 8-year retention)
  • • Prohibited services — s.144 (bookkeeping, internal audit, actuarial, etc.)
  • • Fraud reporting — s.143(12) to the central government

The deadline chain that follows the report

The audit is the first domino in the ROC calendar. The board approves the financials only with the auditor's report, the AGM (s.96(1), within 6 months of year end) only happens with board-approved financials, and AOC-4 (within 30 days of the AGM) only happens after the AGM. MGT-7 follows within 60 days. Slip the audit and every downstream deadline slips with it — each carrying its own s.403 fee and s.137(3)/s.92(5) penalties.

Our engagement is built around that chain: we agree the report date backwards from your AGM date, push the evidence pack early, and hand you a signed, UDIN-verified report with the connected AOC-4 and MGT-7 filings prepared so nothing waits on the auditor.

  • • AGM — s.96(1), within 6 months of year end (30 September for March year-end)
  • • AOC-4 — within 30 days of AGM; ₹100/day s.403 + ₹10,000 + ₹100/day s.137(3) penalty (max ₹2,00,000)
  • • MGT-7 — within 60 days of AGM; s.403 fee + s.92(5) penalties
  • • 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 late fee₹100/day additional fee, s.403 Companies Act 2013Plus s.137(3) penalty: ₹10,000 + ₹100/day, max ₹2,00,000 company / ₹50,000 officer — Companies (Amendment) Act 2020.

Timeline

Typical turnaround

Typical timeline usually means a 2–4 weeks from evidence pack 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.

Related services

Keep the company moving

Tax Audit 44AB

Get the tax audit done before ITR filing when turnover crosses the s.44AB threshold.

Internal Audit

Internal audit under s.138 — mandatory above the prescribed turnover and paid-up capital thresholds.

Forensic Audit

Investigate financial fraud or fund diversion with a CA-led forensic audit and evidence report.

ROC Annual Compliance

The full annual ROC calendar — AOC-4, MGT-7, DIR-3 KYC — filed and tracked.

FAQ

Frequently asked questions

Is statutory audit mandatory for every Private Limited company?
Yes. Section 143 of the Companies Act 2013 read with s.139 requires every company to have its financial statements audited by an independent auditor before the AGM. There is no size exemption for Private Limited companies — a dormant or newly incorporated company may be exempt in narrow cases (e.g. a dormant company under s.455), but an operating Private Limited company must complete the audit every year.
When is the statutory auditor appointed and what is ADT-1?
The first auditor is appointed by the board within 30 days of incorporation under s.139(6) of the Companies Act 2013, and notice of appointment is filed in Form ADT-1 within 15 days of appointment under Rule 4(1) of the Companies (Audit and Auditors) Rules 2014. Thereafter the auditor is appointed at each AGM under s.139(1) and holds office until the conclusion of the next AGM, subject to ratification requirements (since removed by the Companies (Amendment) Act 2017).
What happens if the audit or AOC-4 filing is late?
The audit must finish before the AGM, which s.96(1) requires within 6 months of the financial year end. AOC-4 is due within 30 days of the AGM; late filing attracts an additional fee of ₹100/day under s.403 plus a penalty of ₹10,000 + ₹100/day under s.137(3) of the Companies Act 2013, max ₹2,00,000 for the company and ₹50,000 for an officer in default (Companies (Amendment) Act 2020). MGT-7 within 60 days of the AGM carries its own s.403 fee and s.92(5) penalties.
What does the auditor actually examine?
Under s.143, the auditor examines the books of account kept under s.128 and verifies whether the financial statements give a true and fair view. In practice that means vouching revenue and expenses, verifying assets and liabilities, checking statutory registers and minutes, testing cutoff and subsequent events, and obtaining third-party confirmations — all to the ICAI Standards on Auditing.
Can the auditor provide other services to the company?
No — s.144 of the Companies Act 2013 prohibits the statutory auditor from rendering specified non-audit services to the company: bookkeeping, internal audit, design of financial systems, actuarial, investment advisory, and others. This keeps the audit independent. The same firm can, however, do the tax audit under s.44AB and provide tax advice, which are not on the s.144 prohibited list.
How long does a statutory audit take?
With an audit-ready evidence pack (trial balance, ledgers, bank statements, confirmations), fieldwork and reporting typically take 2–4 weeks. The realistic calendar: start the evidence collection in August, complete fieldwork in September, and have the signed, UDIN-verified report ready before the 30 September AGM deadline for a March year-end. Starting late is what turns a routine audit into a ₹100/day fee problem.

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

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