Statutory Audit

A Statutory Audit is a legally mandated, independent examination of a company's financial statements by a qualified Chartered Accountant to ensure that the financial records provide a true, fair, and accurate representation of its financial position. Governed primarily by the Companies Act, 2013, it is an absolute requirement for all Private Limited, Public Limited, One Person Companies, and Section 8 entities, regardless of their annual turnover, paid-up capital, or nature of business. The core objective of a statutory audit is to assure stakeholders—including shareholders, government agencies, creditors, and investors—that the company's books of accounts are free from material misstatements and adhere strictly to the applicable accounting standards (AS/Ind AS). Beyond mere compliance, a robust statutory audit identifies internal control weaknesses, mitigates financial risks, and establishes the foundational credibility necessary for securing loans, attracting venture capital, and fostering long-term business growth. I-Pro Solutions partners your business with leading audit professionals to deliver meticulous, unbiased, and timely statutory audit services.

The eligibility and requirement for a Statutory Audit are universal across the corporate spectrum in India. Every single company registered under the Companies Act, 2013, or the previous Companies Act, 1956—including Private Limited Companies, Public Limited Companies, One Person Companies (OPCs), Section 8 Non-Profit Companies, and Nidhi Companies—must mandatorily undergo a statutory audit every financial year. Crucially, there are zero exemptions based on turnover, profit, loss, or capital size. Even if a newly incorporated company has not commenced any business operations, has zero revenue, or has incurred losses, it is still legally obligated to appoint a statutory auditor and file an audited 'Nil' or loss-making financial statement. Furthermore, the auditor appointed must be a practicing Chartered Accountant holding a valid Certificate of Practice from the Institute of Chartered Accountants of India (ICAI). The company management is required to formally appoint the auditor within 30 days of incorporation by filing Form ADT-1, and thereafter, appointment/reappointment must occur at the Annual General Meeting for a specified tenure.