Statutory Audit Services in Mumbai Thane

Statutory Audit Services in Mumbai Thane

Statutory Audit

Statutory audit is required to assess whether the company complies with the applicable laws, rules and regulations and standards and whether the financial statements reflect a true and fair view of the financial position of the company. It applies to all the companies registered in India under the erstwhile Companies Act, 1956 and Companies Act, 2013 and Limited Liability Partnerships (LLPs) having turnover exceeding Rs. 40 Lakhs or contribution Rs. 25 Lakhs.

Section 139(1) of the Companies Act,2013 read with Rule 3 of Companies (Audit & Auditors) Rules, 2014, mentions that every company shall appoint an individual/firm as an auditor.

Section 139(6) of the Act states that the first auditor of the company shall be appointed within 30 days of its date of registration.

Steps generally followed in conducting Statutory Audit:

  1. Getting appointment letter & board resolution copy.
  2. Getting NOC from the previous auditor.
  3. Filing no disqualification status to the company.
  4. Filing of Form ADT-1 to ROC.
  5. Letter of engagement.
  6. Assessment of internal control.
  7. Formulation of internal audit program action plan and calendar.
  8. Conduction audit as per IGAAP, Companies Act, ICAI Accounting Standards and Auditing Standards.
  9. Forming an opinion on the financial statement prepared by the company.
  10. Reporting to shareholders.
  11. Attending AGM.

Benefits statutory audit:

  • It guarantees the administration that their obligations in statutory performance splendidly.
  • Statutory audit improves the dependability of the distributed financial statement.
  • It gives inner control's proficiency.
  • The statutory review guarantees the administration that they should comply with non-statutory prerequisite state Corporate Governance necessity.
  • At the point when the inside controls are poor in an organization, the statutory inspector will give the recommendation for the organization's improvement which will help the organization from hazard and improves the organization's exhibition.

Statutory Audit Requirement:

All associations (Private Limited Company, One Person Company, Limited Company, Section 8 Company, Nidhi Company, Producer Company), regardless of the nature of business and deals turnover must pick a Statutory Auditor.

Certificate of Incorporation (In case of Private or Public Company):

All the companies irrespective of the turnover and Limited Liability Partnership (LLP) if the annual sales turnover exceeds Rs. 40 lakhs or the capital contribution exceeds Rs. 25 lakhs, irrespective of the nature of business, must have the accounts audited.

Registration Certificate (In case of society):

The proprietorship firm must complete a tax audit by a Chartered Accountant, if the annual sales turnover exceeds Rs. 1 crore in terms of business or the annual gross receipts exceed Rs. 25 lakhs in terms of a profession.


Aga & Associates is one of the best statutory audit services firm in INDIA renowned for statutory audit in INDIA. Statutory Audits are conducted to report the state of the company’s finances and accounts to the Government of India. If you are looking for the best statutory auditor in INDIA, we will be delighted to serve you better. At Aga & Associates., an elite team of qualified professional auditors are designated to do such audits. The audit report is prepared strictly following the rules and regulations defined by the Government agencies. Reach us for any statutory audit services at office.agaassociates@gmail.com