FINANCIAL AUDIT SERVICES

Financial Audit Services Registration

Mandatory annual examination of company financial statements under Sections 139–148 of the Companies Act, 2013. Audit preparation, CARO 2020 documentation, ADT-1 assistance and AGM coordination. 7–15 working days. The statutory audit is conducted and signed by the independent auditor your company appoints — we assist with preparation and coordination.

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DedicatedExpert Assistance

All CompaniesMandatory (Companies Act)

7–15 DaysTypical Delivery

BEFORE YOUR AGM

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SAMPLE

Financial Audit Services Certificate

Government Authority / MCA — sample official certificate

Illustrative sample. Your official certificate is issued after approval.

01 Sections 139–148 Mandatory statutory audit for every company under the Companies Act, 2013

02 Independent Auditor Appointed at AGM; issues opinion under SA 700. We prepare — they sign

03 CARO 2020 21 additional reporting clauses for applicable companies

04 Section 144 Auditor cannot provide bookkeeping/accounting to the same company — role split is mandatory

OVERVIEW

What is a Statutory Financial Audit?

A statutory financial audit is a mandatory annual examination of a company’s financial statements by an independent qualified professional under Sections 139 to 148 of the Companies Act, 2013. It verifies that the balance sheet, profit and loss account and cash flow statement present a true and fair view of the company’s financial position.

The audit is conducted following Standards on Auditing (SAs), especially SA 700. The report is presented to shareholders at the AGM and supports ROC filings (AOC-4). Corporate Mart provides audit preparation, documentation and coordination — we are not your statutory auditor and do not issue the audit opinion. This also keeps you clear of Section 144, which bars a statutory auditor from providing accounting or bookkeeping to the same company.

Governing Law Companies Act, 2013 (Ss 139–148)

Conducted By Independent auditor (AGM appointed)

Our Role Preparation & coordination only

Timeline 7–15 working days (typical)

WHO NEEDS AUDIT

Applicability

All Companies

Private limited, public, OPC, Section 8, Nidhi and producer companies — mandatory regardless of turnover.

LLPs

Only if annual turnover exceeds ₹40 lakh or total partner contribution exceeds ₹25 lakh under the LLP Act.

First Auditor

Board appoints within 30 days of incorporation; ADT-1 within 15 days of that resolution (post–2025 amendment rules).

AGM Timeline

Audit report must be ready before the AGM (typically by 30 September for March year-end companies).

TYPES OF AUDITS

Statutory vs Others

Type	Governing Law	Applicability
Statutory Audit	Companies Act (Ss 139–148)	All registered companies (mandatory)
Tax Audit	Income Tax Act (Section 44AB)	Turnover/receipts above thresholds
Internal Audit	Companies Act (Section 138)	Size-based thresholds (turnover, capital, loans)
Cost Audit	Cost Records and Audit Rules	Specified industries / thresholds

PROCESS

How We Support Your Statutory Audit

1. Financial Statement Compilation

Review and organise Balance Sheet, P&L, cash flow and notes so the file is audit-ready.

2. Pre-Audit Internal Control Review

Identify control gaps and documentation issues before the appointed auditor starts fieldwork.

3. CARO 2020 Documentation

Prepare supporting papers for the 21 CARO clauses where the company is covered by the Order.

4. Auditor Coordination

Coordinate with the independent auditor for fieldwork, queries and SA 700 report finalisation.

5. ADT-1 & AGM Support

Assist with Form ADT-1 (if needed), Director’s Report review and AGM coordination so filings stay on track.

CARO 2020

Companies (Auditor’s Report) Order

21 Clauses

Additional reporting on fixed assets, inventory, loans, deposits, statutory dues, related party and more.

Who Is Covered

Applicable companies as defined in CARO 2020 (certain private companies may be exempt based on size criteria).

Documentation

We help compile the evidence the auditor needs to report on each applicable clause without last-minute gaps.

Part of Statutory Report

CARO reporting is annexed to / forms part of the auditor’s report under the Companies Act.

STATUTORY VS TAX AUDIT

Key Differences

Aspect	Statutory Audit	Tax Audit (44AB)
Law	Companies Act, 2013	Income Tax Act, 1961
Focus	True and fair view of financial statements	Income tax compliance
Applicability	All companies (mandatory)	Turnover / receipts above thresholds
Report	SA 700 audit report (+ CARO if applicable)	Form 3CA/3CB + 3CD
Filed with	ROC (via AOC-4) / presented at AGM	Income Tax e-filing portal

PENALTIES

Cost of Non-Compliance

Default	Consequence (Indicative)
Company (Section 147)	Fine Government and statutory fees depend on the entity structure and state requirements. Contact our expert team for a detailed proposal. 02 Clear Role Split We prepare and coordinate. Your independent auditor signs under Section 139 — Section 144 compliance maintained. 03 ADT-1 & AGM Support for auditor appointment intimation and AGM timing so the annual cycle closes on time. 04 Dedicated Coordinator One point of contact from pre-audit review through management letter follow-up. Compile → Pre-Audit Review → CARO Docs → Auditor → AGM / AOC-4 FAQ Frequently Asked Questions Yes. Every company registered under the Companies Act, 2013 — private, public, OPC, Section 8 and others — must get its accounts audited annually, regardless of turnover. Only if annual turnover exceeds ₹40 lakh or total partner contribution exceeds ₹25 lakh under the LLP Act, 2008. No. We provide preparation, documentation and coordination support. The audit opinion is issued by an independent auditor appointed by your company at the AGM under Section 139. The Companies (Auditor’s Report) Order, 2020 requires the auditor to report on 21 additional matters (fixed assets, inventory, loans, deposits, statutory dues, etc.) for applicable companies. Before the Annual General Meeting. For companies with a March year-end, the AGM is typically held by 30 September, so the audit must be completed in time for that meeting. Statutory audit (Companies Act) opines on true and fair view of financial statements. Tax audit (Section 44AB) focuses on income tax compliance and is required only when turnover/receipt thresholds are crossed. It prohibits a company’s statutory auditor from providing certain services (including bookkeeping and accounting) to the same company. Keeping preparation support and the audit opinion with different parties maintains compliance. Under Section 147, the company can face a fine Government and statutory fees depend on the entity structure and state requirements. Contact our expert team for a detailed proposal. Auditor penalties also apply under the same section. STATUTORY AUDIT · BEFORE THE AGM Audit Preparation Without the Scramble. Comprehensive support: financial statement compilation, pre-audit review, CARO documentation, ADT-1 and AGM support. We prepare — your independent auditor signs. Keep Section 144 and annual compliance on track. Get Free Consultation → End-to-end business registration, tax, compliance, trademarks and licenses and guided by experts, priced transparently. Visitor's Count 0 0 0 0 2 9 Quick links Home About us Services Plans Blogs Careers Contact us Contact For Consultaion, Call: +91 90810 00886 +91 81301 83706 Email Address Info@corporate-mart.com Need Support? Mail at: support@corporate-mart.com WhatsApp Chat with us Additional Info Address Corporatemart private Limited Emerald, 301, Mithakhali Navrangpura, Ahmedabad, Gujarat 380009 Hours Mon to Sat · 9:30 AM to 6:30 PM © Corporate Mart. All rights reserved. Privacy policy Terms of use Refund policy

Default

Consequence (Indicative)

Company (Section 147)

Fine Government and statutory fees depend on the entity structure and state requirements. Contact our expert team for a detailed proposal.

Clear Role Split

We prepare and coordinate. Your independent auditor signs under Section 139 — Section 144 compliance maintained.

ADT-1 & AGM

Support for auditor appointment intimation and AGM timing so the annual cycle closes on time.

Dedicated Coordinator

One point of contact from pre-audit review through management letter follow-up.

Compile → Pre-Audit Review → CARO Docs → Auditor → AGM / AOC-4

FAQ

Frequently Asked Questions

Yes. Every company registered under the Companies Act, 2013 — private, public, OPC, Section 8 and others — must get its accounts audited annually, regardless of turnover.

Only if annual turnover exceeds ₹40 lakh or total partner contribution exceeds ₹25 lakh under the LLP Act, 2008.

No. We provide preparation, documentation and coordination support. The audit opinion is issued by an independent auditor appointed by your company at the AGM under Section 139.

The Companies (Auditor’s Report) Order, 2020 requires the auditor to report on 21 additional matters (fixed assets, inventory, loans, deposits, statutory dues, etc.) for applicable companies.

Before the Annual General Meeting. For companies with a March year-end, the AGM is typically held by 30 September, so the audit must be completed in time for that meeting.

Statutory audit (Companies Act) opines on true and fair view of financial statements. Tax audit (Section 44AB) focuses on income tax compliance and is required only when turnover/receipt thresholds are crossed.

It prohibits a company’s statutory auditor from providing certain services (including bookkeeping and accounting) to the same company. Keeping preparation support and the audit opinion with different parties maintains compliance.

Under Section 147, the company can face a fine Government and statutory fees depend on the entity structure and state requirements. Contact our expert team for a detailed proposal. Auditor penalties also apply under the same section.

STATUTORY AUDIT · BEFORE THE AGM

Audit Preparation Without the Scramble.

Comprehensive support: financial statement compilation, pre-audit review, CARO documentation, ADT-1 and AGM support. We prepare — your independent auditor signs. Keep Section 144 and annual compliance on track.

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