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.