🧾 What is a Statutory Audit?

A Statutory Audit is a legally required audit of a company’s financial statements by a qualified Chartered Accountant (CA) under the Companies Act, 2013 or the LLP Act, 2008.

The auditor examines:

  • Accuracy of the financial statements
  • Adherence to applicable accounting standards
  • Disclosure of transactions and balances
  • Internal controls and fraud checks

After the audit, a formal Audit Report is issued and filed with ROC (AOC-4) and sometimes the Income Tax Department.

✅ Who Needs a Statutory Audit?

Entity Type Audit Mandatory?
Private Limited Company ✅ Yes, every year
One Person Company ✅ Yes, every year
LLP ✅ Yes, if turnover > ₹40 lakh or capital > ₹25 lakh
Section 8 Company ✅ Yes
Proprietorship/Firm ❌ No (unless under tax audit)

📑 Documents Required

  • Company/LLP PAN and Incorporation Certificate
  • Books of Accounts (Tally/Manual)
  • GST Returns (if applicable)
  • Bank statements and cash book
  • Fixed asset details
  • Loan or liability documents
  • Invoices (sales/purchase)
  • Previous year audit report (if any)
  • ROC and MCA login details (for filing)

🛠️ Services Included

  • Audit planning and financial document verification
  • Appointment of Auditor (ADT-1 filing if needed)
  • Audit by CA as per Companies Act
  • Preparation of:
    • Audit Report
    • Board’s Report (in coordination with your team)
  • Filing of AOC-4 or LLP Form 8 as required
  • Advisory on irregularities or internal control gaps

📋 Timeline

Task Duration
Audit Review & Draft 4–7 Working Days
MCA Filing Same Day post audit
Coordination with CA End-to-End handled by SSPL

💡 Why Choose SITPakz Solution (SSPL)?

  • ✅ CA network for PAN-India audit
  • 📑 ROC + Tax + Audit under one roof
  • 🔍 Clear audit tracking and report delivery
  • 🛡️ Advisory to help avoid audit red flags
  • 🔐 End-to-end confidentiality and secure data handling

💬 Frequently Asked Questions (FAQs)

Q. Can I use my own CA for audit?
➡️ Yes, but our CAs ensure seamless MCA-compliant audits and coordination.

Q. Is audit mandatory for companies with zero turnover?
➡️ Yes. All registered companies must undergo a statutory audit.

Q. What is the cost of a statutory audit?
➡️ It depends on your turnover, documentation, and volume of transactions. Get a custom quote.

Q. Does LLP need an audit every year?
➡️ Only if turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh.