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We handle the complete process for your Statutory Audit right here in Mumbai - Andheri East (HQ). Get certified quickly and legally with our expert local team.
Professional Fee: ₹11,499 | Govt Fee: ₹0 | Total: ₹11,499 (incl. govt fees)
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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.
Transparent, all-inclusive – no hidden line items.
Inclusive of professional + estimated govt fee
I-Pro specialist handling, drafting & filing
Statutory fee, passed through at cost
Professional Fee: ₹11,499 onwards | Govt Fee: ₹0 | Total: ₹11,499 (incl. govt fees)
Gather these documents for your Mumbai - Andheri East (HQ) application.
The starting fee of ₹11,499 covers specialist consultation, document preparation, the government filing fee, and tracking until you receive the final certificate. Additional government fees may apply for objections, renewals, or expedited processing.
Turnaround depends on the specifics of your case. Once I-Pro Solutions scopes your requirements, I-Pro Solutions will give you a realistic timeline with milestones.
Most filings require identity proof (PAN/Aadhaar/passport), address proof, business registration documents, and (for IP filings) examples of use. An I-Pro Solutions specialist will send a tailored checklist within 24 hours of starting.
If a filing is rejected due to an error by I-Pro Solutions, I-Pro Solutions will refile at no extra cost and refund the service fee. If the rejection is due to information you provided, I-Pro Solutions will work with you to fix and refile at a discounted fee.
Yes, absolutely. A statutory audit is legally mandatory for every incorporated company in India, regardless of its turnover, profitability, or operational status. Even if your company is completely dormant and has zero sales or expenses, you must still get an auditor to sign a 'Nil' financial statement and issue an audit report.
A statutory audit can only be conducted by a practicing Chartered Accountant (CA) or a firm of Chartered Accountants holding a valid and active Certificate of Practice from the Institute of Chartered Accountants of India (ICAI). Company management, employees, or generic accountants cannot perform this audit.
Form ADT-1 is a mandatory electronic form filed with the Ministry of Corporate Affairs (MCA) to officially notify the Registrar of Companies regarding the appointment or reappointment of a statutory auditor by the company. It must generally be filed within 15 days of the Annual General Meeting where the appointment was made.
Failing to conduct a statutory audit means your financial statements are legally invalid. You will be unable to hold a valid AGM or file Form AOC-4 and MGT-7 with the ROC. This results in hefty daily late filing penalties, the company potentially being struck off the register, and the directors facing severe fines and possible imprisonment.
Under the Companies Act, 2013, a statutory auditor is typically appointed for a block of five years. While a company can remove an auditor before the expiry of their term, the process is extremely complex and requires a Special Resolution by shareholders and prior approval from the Central Government to prevent management from firing auditors who highlight financial irregularities.
An 'Unqualified' (or clean) report means the auditor found the financial statements to be accurate and compliant with all accounting standards. A 'Qualified' report means the auditor found issues, misstatements, or lacks sufficient evidence in specific areas, indicating to stakeholders that the financials cannot be trusted entirely without reading the auditor's specific reservations.
The statutory audit must be completed, and the final audit report must be signed by the auditor well before the company's Annual General Meeting (AGM). Since the AGM must be held within six months of the financial year-end (i.e., by September 30th), the audit process is typically finalized between May and August.
The Companies (Auditor's Report) Order (CARO) 2020 requires auditors to report on a detailed checklist of specific items. It is applicable to Private Limited Companies unless they qualify as a 'Small Company', or have paid-up capital and reserves under ₹1 Crore, borrowings under ₹1 Crore, and turnover under ₹10 Crores.
An MRL is a formal letter written by the company's directors to the statutory auditor. It serves as written evidence where management confirms they have provided all necessary information, books, and records to the auditor, and that they take full responsibility for the accuracy and completeness of the financial statements.
No. Section 144 of the Companies Act strictly prohibits the statutory auditor from providing certain non-audit services to the company, including bookkeeping, accounting, internal audit, and investment banking services. This restriction is crucial to ensure the auditor maintains absolute independence and objectivity.
A statutory audit is mandated by the Companies Act for all companies to report on the financial view to shareholders. A tax audit is mandated by the Income Tax Act (under Section 44AB) only for businesses crossing a specific turnover threshold (e.g., ₹10 Crores) to ensure accurate tax computation. A company may require both simultaneously.
The auditor requires unrestricted access to your accounting software (like Tally), bank statements, purchase/sales invoices, expense vouchers, payroll records, statutory registers, minutes of board meetings, major contracts, loan agreements, and physical verification reports of inventory.
While the primary responsibility for physical stock verification lies with the management, the statutory auditor is required to review the management's stock-taking procedures and, in many cases, will be present as an observer during the physical count at year-end to verify the existence and condition of the inventory.
If the statutory auditor identifies any fraud being committed against the company by its officers or employees, they are legally bound under Section 143(12) of the Companies Act to report it. If the fraud amount exceeds ₹1 Crore, the auditor must report it directly to the Central Government; for lesser amounts, it must be reported to the Board of Directors/Audit Committee.
As a corporate services firm, I-Pro Solutions facilitates the entire audit process through I-Pro Solutions network of highly qualified, independent, and empanelled Chartered Accountants. I-Pro Solutions prepare your books, ensure compliance readiness, and coordinate seamlessly with the independent CA firm to deliver the final statutory audit report.