Is statutory audit mandatory for all companies?

Yes, every company registered under the Companies Act 2013 must have its financial statements audited by a Chartered Accountant under Section 143.

Companies (Auditor Report) Order 2020 requires auditors to report on specific matters including fixed assets, inventory, loans, internal controls, and fraud. It applies to most companies except small companies and OPCs.

What is IFC reporting under Section 143?

Section 143(3)(i) requires auditors to report on the adequacy and operating effectiveness of internal financial controls over financial reporting.

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Statutory Audit (Companies Act)

Mandatory annual audit of financial statements under Section 143 of the Companies Act 2013, with CARO 2020 reporting and IFC assessment under Section 143(3)(i).

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₹24,999

Exclusive of GST

State pricing

10 days

Estimated delivery

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What's Included

Financial Statement Audit

CARO 2020 Report

IFC Assessment (Section 143(3)(i))

Audit Report

Management Letter

How It Works

Engagement Planning

Plan audit scope per Standards on Auditing (SA) issued by ICAI. Assess materiality and risk areas.

Internal Controls Assessment

Evaluate internal financial controls (IFC) as required under Section 143(3)(i) of the Companies Act 2013.

Substantive Testing

Perform substantive procedures on financial statement line items per SA 500 series.

CARO 2020 Reporting

Report on matters specified in Companies (Auditor Report) Order 2020 applicable to the company.

Audit Report Issuance

Issue audit report under Section 143 with opinion on true and fair view of financial statements.

Documents Required

Trial balance and financial statementsRequired

Fixed asset registerRequired

Bank statements and reconciliationsRequired

Debtors and creditors ageingRequired

Loan agreements and borrowing detailsRequired

Previous year audit reportOptional

Frequently Asked Questions

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