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Statutory Audit of Companies

Statutory Audit of Companies

Statutory Audit of Companies

The exact meaning of the statutory audit is “Providing true check of financial position of a company (Mostly for External sources) by following respective laws and regulations in the country.”

It is as same as the purpose of any other type of audit to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

According to Sec 141(1) A person shall be eligible for appointment as an auditor of a company only if he is a Chartered Accountant. A firm where majority of partners practicing in India are qualified for appointment as aforesaid may be appointed by its firm name to be a auditor of company. Where a firm including a LLP is appointed as an auditor of a company, only the partners who are Chartered Accountant shall be authrised to act and sign on behalf of the firm. Appointment of Auditor Sec 139(1): Every company public or pvt.shall have an auditor to audit its accounts. Appointment of auditor is mandatory in Annual general meeting.

The due date of filing of Annual Accounts is within 30 Days from the end of Annual General Meeting & in case of One Person Company it is 180 day’s from the end of Financial Year.

It is to be noted that AGM requires an audited financial statements.

So, in general the last date for filing of audited annual return in case of statutory audit under the Companies Act, 2013 is 30th September.

So, the two main statutory acts require the audited accounts along with the report to be submitted by 30th September.

  • Audit Engagement Letter
  • Opening Trail Balance
  • Last Year Signed Financial Statement
  • Copy of Computation Of Income Of Last Year
  • Shareholding Pattern
  • List of Directors
  • List of Kmps
  • Register 301 Extracts
  • Minutes of Meeting
  • Form 26as
  • Fixed Assets Register
  • Invoice of Addition To Fixed Assets
  • Invoice of Sale Of Fixed Assets
  • TDS Payments Challans
  • Pf/Pt/Esic/Mlwf(Whichever Applicable) Payment Challans
  • Advance Tax Payments Challans
  • Returns Copy
  • Loan Payment Sch. & Loan Confirmation Letter
  • Cash Balance Confirmation Letter Along With Denomination
  • Bank Balance Confirmation
  • Outstanding Entry Passed: Provide Supporting Xerox Copy
  • List of Related Party As Per As18
  • Ledger of Related Party from Tally Having Transaction
  • Calculation of Foreign Exchange Profit/Loss
  • Cash Ledger with Transaction More than Rs. 20000/-
  • Section 274(1) (G) Of Co. Act: Representation from Director For Qualification
  • Status of Pending Income Tax Assessment
  • Draft Financial Statement
  • Management Representation Letter
  • Any Change in MOA/AOA
  • Certificate Under Sec. 40(A)(3) & 269ss & 269t Of Income Tax
  • Copy of Annual Return Filled With MCA
  • Calculation of Director Remuneration As Per Companies Act
  • Section 383a: Secretarial Compliance Certificate
  • Share Application Pending Refund