Audit under the Companies Act, 2013
Mandatory statutory audit for every Private Limited, Public Limited and One Person Company — conducted, signed and filed by an ICAI-registered Chartered Accountant from our Mumbai practice.
Under Sections 139–148 of the Companies Act, 2013, every company — whether Private Limited, Public Limited or OPC — must appoint a statutory auditor and get its financial statements audited every year, regardless of turnover or profit. The auditor examines the accounts, verifies internal controls and issues a report confirming whether the financials present a true and fair view. The signed audit report is filed with the Registrar of Companies (ROC) as part of the annual return. The Classic Partners LLP conducts this end-to-end — from appointment and fieldwork to the signed report and MCA filing.
Statutory audit that satisfies the ROC, your board and your lenders
A Companies Act statutory audit is not optional — it is the legal foundation on which every other compliance rests. The audit opinion in your annual financials is what lenders base credit decisions on, what the ROC scrutinises in your AOC-4, and what foreign investors rely on when evaluating an Indian entity.
We conduct the full audit cycle: risk assessment, substantive testing, control walk-throughs, third-party confirmations, partner review and sign-off — and coordinate the MCA filing of AOC-4, MGT-7 and the auditor's appointment on ADT-1. A management letter with prioritised control gaps comes with every engagement.
- Applicable to every Pvt Ltd, Public Ltd and OPC — no turnover floor
- Auditor appointed at AGM or within 30 days of incorporation (First Auditor)
- Report on true and fair view, CARO 2020 and IFC under Section 143(3)(i)
- CARO 2020 reporting for eligible companies
- Coordination of AOC-4, MGT-7 and ADT-1 MCA filings
- Digital workpapers, secure cloud archive, fixed upfront fee
Which companies need a statutory audit — and what it covers
Key provisions under the Companies Act, 2013 that govern your annual statutory audit.
| Provision | What it requires | Who it applies to |
|---|---|---|
| Section 139 | Appointment of statutory auditor at AGM for a term of 5 years (first auditor within 30 days of incorporation) | Every company |
| Section 143 | Audit scope — examination of books, verification of assets and liabilities, reporting on true and fair view | Every company |
| Section 143(3)(i) | Reporting on Internal Financial Controls (IFC) — design and operating effectiveness | Listed and certain unlisted companies |
| CARO 2020 | Companies Auditor's Report Order — detailed reporting on loans, assets, statutory dues, fraud, etc. | Most companies (small company exemption applies) |
| Section 144 | Prohibition on non-audit services that create a conflict of interest | Every company |
| Section 147 | Penalties for non-compliance with audit provisions | Company and officers in default |
Not sure whether CARO 2020 or IFC reporting applies to your company? Send us your details — we'll confirm in one call.
What a Companies Act audit covers
Our audit is structured around the Standards on Auditing (SA) issued by ICAI and the requirements of the Companies Act.
Financial Statement Audit
End-to-end audit of the Balance Sheet, Profit & Loss, Cash Flow Statement and Notes — tested for accuracy, completeness and compliance with Ind AS or IGAAP.
Internal Controls Testing
Walk-throughs and design/operating effectiveness testing of key financial controls — procurement-to-pay, order-to-cash, payroll, treasury and month-end close.
CARO 2020 Reporting
Mandatory reporting on fixed assets, inventory, loans, investments, statutory dues, fraud, related-party transactions and the company's internal audit system.
Related-Party Transactions
Verification of RPT disclosures under Section 188 and Ind AS 24 — loans, advances, sales to group entities and director remuneration.
IFC Reporting (Sec. 143(3)(i))
Design and operating effectiveness of internal financial controls — reported separately in the audit report for applicable companies.
MCA Filings & Coordination
Filing of AOC-4 (financials), MGT-7 (annual return) and ADT-1 (auditor appointment) — coordinated with your company secretary or our ROC team.
Our four-stage audit process
Predictable, documented and mapped to Standards on Auditing (SA) issued by ICAI.
Appointment & planning
Auditor appointment at AGM, engagement letter with fixed fee, risk assessment and audit plan aligned to your year-end close.
Fieldwork & testing
Substantive testing, sampling, bank and debtor confirmations, physical verification of fixed assets and inventory where required.
Review & reporting
Partner review, draft observations discussed with management, and issue of the signed audit report with CARO 2020 and IFC annexures.
MCA filing & debrief
AOC-4, MGT-7 and ADT-1 filed with the ROC; management letter issued with control gaps and a year-round advisory line open.
A statutory audit that doesn't derail your month-end
Partner-led, fixed-fee and built around your finance team's calendar.
Partner-signed reports
Every audit report is signed by a practising ICAI-registered CA — not delegated to unsupervised juniors.
Fixed fee, written upfront
Scoping call, then a written quote. No open-ended hourly billing and no surprise line items at sign-off.
Digital-first fieldwork
Secure document rooms, Tally / Zoho / QuickBooks read access and cloud-signed workpapers — minimal on-site disruption.
Deadline discipline
AOC-4 and MGT-7 deadlines tracked from day one so you never miss an ROC filing or face avoidable penalties.
Management letter included
Control gaps and tax exposures prioritised with an owner and a target close date — not just a signed report and silence.
Statutory audit questions founders and CFOs ask us
Straight answers before you engage an audit firm.
Ready to appoint your statutory auditor?
Tell us your company type, year-end and any pending ROC filings. You'll get a fixed quote and a partner-level contact within one working day.
