Statutory Audit Services in Delhi
Independent statutory audit support for companies that need reliable financial-statement assurance, Companies Act reporting and a clear, well-planned audit process.
Trusted Across Diverse Business Sectors
Independent assurance over your annual financial statements.
A statutory audit is an independent examination of a company's financial statements, books and supporting records carried out under the applicable legal framework. Its purpose is to enable the auditor to report on whether the financial statements present a true and fair view.
For companies in India, the statutory auditor is appointed under the Companies Act, 2013. The audit generally involves understanding the business, assessing material risks, examining selected transactions and balances, reviewing disclosures and completing the required statutory reporting.
A statutory audit is different from a tax audit and an internal audit . Each serves a different purpose and follows a different reporting framework.
Who needs a statutory audit in India?
Companies and LLPs follow different statutory audit requirements.
Statutory Audit for Companies
Companies appoint auditors under Section 139 of the Companies Act, 2013. Statutory audit for a private limited company is not based on a simple turnover exemption.
- Private limited companies
- Public companies
- One Person Companies
- Section 8 companies
- Indian subsidiaries
Statutory Audit for LLPs
LLP audit requirements are governed by the LLP Rules. Rule 24(8) contains commonly referenced audit-exemption thresholds.
- Turnover threshold: ₹40 lakh
- Contribution threshold: ₹25 lakh
- Applicability should be checked for the relevant financial year
Not sure whether your entity requires a statutory audit?
Discuss Your RequirementWhen businesses typically approach a statutory audit firm.
First Company Audit
For newly incorporated or recently operational companies preparing for their first annual audit and financial reporting cycle.
Books Need Reconciliation
Where accounts are substantially prepared but bank, customer, vendor or statutory balances still need reconciliation or support.
Upcoming AGM Deadline
Where management needs the statutory audit process planned around a defined AGM and corporate filing timeline.
Indian Subsidiary Reporting
Where statutory audit needs to coordinate with parent-company, lender or wider group reporting requirements.
Key provisions behind the statutory audit process.
Auditor Appointment
Sets out the framework relating to appointment and tenure of statutory auditors.
Eligibility & Disqualification
Addresses qualifications and circumstances that can affect eligibility to act as auditor.
Audit & Reporting
Covers auditor powers, duties, enquiries and statutory reporting responsibilities.
Additional Reporting
Introduces additional reporting requirements for classes of companies to which the Order applies.
A clear, risk-based approach from planning to reporting.
The exact procedures depend on the business, material financial statement areas and applicable reporting requirements.
Understand
Business model, systems, financial reporting environment and major changes.
Plan
Materiality, risk assessment and the overall audit strategy.
Test
Relevant transactions, balances, reconciliations and supporting audit evidence.
Review
Financial statement presentation, disclosures and applicable statutory requirements.
Report
Open-point closure, final discussion and completion of statutory reporting.
What should your finance team prepare?
Why completing the audit on time matters.
The statutory audit forms part of the wider annual reporting cycle. Delays in completing the audit can affect adoption of financial statements and subsequent corporate filings.
Financial statements are generally filed with the Registrar within 30 days of the AGM, while the annual return is generally filed within 60 days of the AGM. Separate consequences may arise for contraventions of applicable audit and filing requirements.
Timely audited financial statements are also important for lenders, investors, group reporting teams and other stakeholders relying on current financial information.
Working toward an AGM or reporting deadline?
Talk to the Audit TeamWhy businesses work with JJJ & Company LLP.
JJJ & Company LLP provides statutory audit services in Delhi NCR with wider capability across taxation, internal controls, corporate compliance and regulatory advisory.
Risk-Based Audit Planning
Audit work is planned around the business, material financial-statement areas and relevant reporting risks.
Clear Information Requests
Structured request lists and defined timelines help management coordinate audit work more efficiently.
Experienced Professional Oversight
Engagements are delivered within a Chartered Accountancy firm environment with experienced professional review and supervision.
Connected Advisory Capability
Where a matter touches tax, internal controls, ROC compliance or another specialist area, the relevant team can be involved where appropriate.
Services closely connected with statutory audit.
Common statutory audit questions.
Is statutory audit mandatory for every private limited company?
What is the difference between statutory audit and tax audit?
What is the statutory audit threshold for an LLP?
What documents should we prepare before the audit starts?
How long does a statutory audit take?
Who can be appointed as statutory auditor?
Need to discuss your requirement?
Share a few details and our team can review your requirement and discuss the next step.