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Siddhu ManojFounder & CEO of Two-LYP Computations Pvt. Ltd.
“Incorporating my Startup with IncorpX was an incredibly smooth and hassle-free experience. The team was highly professional, guiding us every step of the way with clear communication and prompt support. The registration process was fast, and every detail was handled with precision and accuracy. Highly recommend IncorpX for anyone starting a business.”
Abhishek LohaniDirector at Lohani Learnings
“Company is good and service is also smooth. I used their compliance service and the response was timely with no delay and price are also convenient. They are always available to cater your need.”
Chandan Kr. ChaudharyFounder of Creative Minds
“I am very satisfied with the team of IncorpX for providing the top notch services. Team of IncorpX was giving the update on daily basis was one of the best thing which I experience in Corporate. keep doing it. Thank you!”
Jayavijaya SJFounder of Agro Farms
“Don't think twice.Got my company incorporates here. Tbh very impressed by the quality of service provided by this team. Very organized and friendly team. Had a smooth and peaceful experience. Timely regular updates were provided by the team. Overall a great experience.”
Anoop KrishnanFounder of EIGHTH DAY FORGE
“It's rare to find a service provider who makes the process feel personal - IncorpX absolutely did. From day one, they patiently explained every detail without any jargon, making it easy to understand and stress-free. There was zero chasing, no delays-just efficient, smooth execution all the way through. I felt supported, heard, and confident at every step of registering my company EIGHTH DAY FORGE (OPC) Private Limited. Thanks to Mr. Sriram and his wonderful team.”
Ramesh LankeFounder of EKnal Technologies
“IncorpX made the entire registration process for our company, EKnal Technologies, smooth and stress-free. Their team was professional, efficient, and incredibly supportive from start to finish. Highly recommend them to any founder looking for a reliable partner in their business journey! Special shoutout to Sriram and Aswin-your support, clarity, and responsiveness made the whole process incredibly smooth.”
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WHY CHOOSE US?
Expert Legal Team
Experienced legal experts in company formation and corporate law.
Fast Turnaround
Kickstart your venture with efficient company setup, generally processed within a week.
Dedicated Support
Personal manager by your side, every step of the way and beyond.
Complete Documentation
We handle all paperwork and ensure full legal compliance.
Business Growth Tools
Free business resources to fuel your company's success from day one.
24/7 Customer Service
Round-the-clock assistance for all your concerns.
Need a Qualified Auditor for Your Company?
Ensure compliance with Companies Act through professional statutory audit. Independent audit opinion by experienced CAs.
HERE'S HOW IT WORKS
1. Fill the Form
Simply fill the above form to get started.
2. Call to discuss
Our startup expert will connect with you & complete legalities.
3. Get Professional Audit Services
Comprehensive financial audit ensuring your company meets all statutory requirements.
SIMPLE & TRANSPARENT PRICING
MOST POPULAR
Financial Audit Services Package
₹9999 /one-time
Complete within 7 days
7-day turnaround 100% guaranteed
Statutory Audit (Companies Act)
Financial Statement Verification
Internal Control Review
CARO Reporting (if applicable)
Audit Report Preparation
Form ADT-1 Filing
Management Letter
Director's Report Review
AGM Coordination
Dedicated Audit Partner
*Government fees are additional and vary based on company structure
4.9/5 based on 1000+ reviews
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Secure payment
Top rated service
IncorpX Prime
An all-inclusive solution for startups and expanding enterprises seeking a streamlined, compliant incorporation process.
Key Benefits
Personalised support from dedicated incorporation specialists.
Application prepared and filed within 2 days.
24/7 customer assistance.
Important Notes
We strive to register your preferred business name whenever feasible.
Alternative name suggestions are provided if the preferred name is not approved.
Package includes first-year compliance services: auditor appointment, annual filings, and related obligations.
Financial Audit is an independent examination of a company's financial statements to express an opinion on whether they present a "true and fair view" of the company's financial position. Conducted by qualified Chartered Accountants, a financial audit provides assurance to shareholders, creditors, regulators, and other stakeholders about the reliability of financial information.
Under the Companies Act, 2013, every registered company in India must get its books of accounts audited annually by a practicing Chartered Accountant or a firm of Chartered Accountants. This statutory audit is mandatory regardless of the company's size, turnover, or profitability. The auditor is appointed at the Annual General Meeting (AGM) and holds office until the conclusion of the sixth AGM.
The scope of a statutory audit extends beyond mere verification of financial statements. It includes assessment of internal controls, verification of compliance with accounting standards (Ind AS or Indian GAAP), examination of the company's adherence to applicable laws, and reporting on matters specified in the Companies (Auditor's Report) Order (CARO). The auditor's report is a critical document that accompanies the annual financial statements.
At IncorpX, our financial audit services are conducted by experienced Chartered Accountants who follow the Standards on Auditing (SAs) issued by ICAI. We provide thorough, independent audits that not only ensure compliance but also add value through observations on improving financial processes and controls. From startups to established companies, we offer audit solutions tailored to your business complexity.
What is a Statutory Financial Audit?
A Statutory Audit is a legally required examination of a company's financial records and statements. Unlike internal audits or management reviews, a statutory audit is conducted by an external, independent Chartered Accountant who expresses an opinion on the fairness and accuracy of financial statements.
The auditor examines the Balance Sheet, Profit and Loss Account, Cash Flow Statement, and notes to accounts. The examination involves verification of transactions, testing of internal controls, substantive procedures on account balances, and assessment of accounting policies and estimates.
The final output is an Audit Report that contains the auditor's opinion. The opinion can be "Unqualified" (clean opinion), "Qualified" (with exceptions), "Adverse" (material misstatement), or "Disclaimer" (unable to form opinion). The audit report is presented at the AGM and filed with the Registrar of Companies along with financial statements.
Key Components of Statutory Audit:
Audit Report:
Independent opinion on whether financial statements present a true and fair view.
CARO Report:
Reporting on matters specified in Companies (Auditor's Report) Order for applicable companies.
Management Letter:
Internal document highlighting observations and recommendations for management.
Form ADT-1:
Intimation to ROC about auditor appointment within 15 days of AGM.
Auditor Rotation
As per Section 139 of Companies Act, individual auditors can serve for a maximum of 5 consecutive years, and audit firms for 10 consecutive years. After completing the maximum term, a cooling-off period of 5 years applies before reappointment.
Types of Financial Audits:
Understanding different types of audits helps you identify your compliance requirements:
Type of Audit
Description
Who Needs It
Statutory Audit
Mandatory audit under Companies Act, 2013 to verify financial statements and express opinion
All registered companies (Private, Public, OPC)
Tax Audit
Audit under Section 44AB of Income Tax Act for taxpayers exceeding turnover thresholds
Businesses with turnover > ₹1 Cr, Professionals > ₹50 L
Internal Audit
Ongoing review of operations, internal controls, and risk management
Companies exceeding specified turnover/borrowings
GST Audit
Audit of GST records and reconciliation with financial statements
Turnover > ₹5 Cr (self-certification via GSTR-9C)
Cost Audit
Verification of cost records as per Companies (Cost Records and Audit) Rules
Specified manufacturing and service companies
Secretarial Audit
Audit of compliance with Companies Act, SEBI regulations, and corporate governance
Listed companies, large public companies
Need Tax Audit?
If you also need tax audit under Section 44AB, check our Tax Audit Services. Both audits can often be conducted simultaneously for efficiency.
Key Features of Our Financial Audit Services:
What makes our statutory audit services comprehensive and reliable:
1. ICAI-Certified Auditors
All audits conducted by qualified Chartered Accountants registered with ICAI with valid Peer Review Certificate.
2. Risk-Based Approach
Modern audit methodology focusing on high-risk areas while ensuring comprehensive coverage.
3. Standards Compliant
Audits conducted as per Standards on Auditing (SAs) issued by ICAI ensuring quality and consistency.
4. Complete Documentation
Proper audit working papers, evidence collection, and documentation as per SA 230.
5. Value-Added Observations
Beyond compliance - we provide insights on improving controls and financial processes.
6. Dedicated Audit Partner
Senior CA partner involvement ensuring quality oversight and accessible communication.
Who Needs Statutory Financial Audit?
Statutory audit is mandatory for the following entities:
All Private Limited Companies registered under Companies Act, 2013
All Public Limited Companies
One Person Companies (OPCs)
Section 8 Companies (Not-for-Profit)
Producer Companies
Nidhi Companies
LLPs with turnover > ₹40 Lakhs or contribution > ₹25 Lakhs
Trusts and NGOs (as per their constituting documents)
First Year Auditor Appointment
For newly incorporated companies, the first auditor must be appointed by the Board of Directors within 30 days of incorporation. This auditor holds office until the conclusion of the first AGM.
Understanding CARO 2020 Requirements:
The Companies (Auditor's Report) Order, 2020 requires auditors to report on specific matters. Key clauses include:
Clause
Reporting Requirement
Clause (i)
Fixed assets - physical verification, title deeds, revaluation, proceedings for benami property
Clause (ii)
Inventory - physical verification, working capital loans secured by stock statements
Clause (iii)
Loans to parties covered under Section 189 - terms, repayment, impairment
Clause (iv)
Loans, investments, guarantees - Section 185 and 186 compliance
Clause (vii)
Statutory dues - PF, ESI, GST, TDS, Income Tax, Customs, Excise
Clause (viii)
Unrecorded income and surrender during search/survey
Clause (ix)
Default in repayment of loans to banks/financial institutions
Clause (xvii)
Cash losses in current and preceding year
Clause (xxi)
Whistle-blower complaints and their consideration
Statutory Audit Process:
Our systematic approach ensures thorough and efficient completion of your statutory audit:
Step 1: Auditor Appointment
Appointment by Board (first auditor) or at AGM (subsequent auditors). Filing of Form ADT-1 with ROC within 15 days.
Step 2: Audit Planning
Understanding the business, identifying risks, determining materiality, and developing the audit strategy and plan.
Step 3: Internal Control Assessment
Evaluation of internal controls over financial reporting, testing of controls, and identification of control deficiencies.
Step 4: Substantive Testing
Detailed testing of transactions and balances - vouching, verification, confirmation, analytical procedures.
Step 5: Review & Finalization
Review of audit evidence, discussion of issues with management, obtaining management representations.
Step 6: Audit Report
Drafting of audit report with opinion, CARO report (if applicable), and management letter with observations.
Step 7: AGM & Filing
Presentation of audited accounts at AGM, signing of annual return, and filing with ROC.
Ensure your company's compliance with professional audit services!
Benefits of Professional Financial Audit:
Why statutory audit is essential beyond mere compliance:
Stakeholder Confidence
Audited financial statements provide assurance to shareholders, banks, and investors.
Error Detection
Independent review identifies errors, fraud risks, and accounting irregularities.
Improved Controls
Audit observations help strengthen internal controls and financial processes.
Bank Loan Requirement
Banks require audited financials for loan processing and credit facilities.
Regulatory Compliance
Ensures compliance with Companies Act, accounting standards, and ROC requirements.
Investment Readiness
Audited books are essential for due diligence during funding or acquisition.
Professional statutory audit by experienced CAs!
Documents Required for Financial Audit:
Keep the following documents ready for a smooth audit process:
Category
Documents Required
Books of Accounts
Trial Balance, General Ledger, Cash Book, Bank Book, Journal Entries
TDS Returns, GST Returns, Income Tax Returns, Challans
Confirmations
Debtor Confirmations, Creditor Confirmations, Bank Confirmations
Previous Records
Previous Year Audit Report, Previous Year Financial Statements
Why Choose IncorpX for Financial Audit?
Qualified Auditors: ICAI-registered CAs with Peer Review Certificate.
Risk-Based Approach: Modern methodology focusing on material areas.
Standards Compliant: Audits as per SAs ensuring quality and consistency.
Value Addition: Beyond compliance - actionable insights for improvement.
Partner Involvement: Senior CA oversight and accessible communication.
Competitive Pricing: Quality audit services at reasonable fees.
FAQs on Financial Audit Services
Here are answers to frequently asked questions about statutory financial audit:
Yes, all companies registered under the Companies Act, 2013 must get their accounts audited annually, regardless of turnover or profitability. This includes Private Limited, Public Limited, OPC, and Section 8 companies.
The first auditor is appointed by the Board of Directors within 30 days of incorporation. Subsequent auditors are appointed at the Annual General Meeting (AGM) by shareholders. Form ADT-1 must be filed with ROC within 15 days.
Statutory audit examines whether financial statements present a true and fair view under Companies Act. Tax audit under Section 44AB verifies income computation for Income Tax Act compliance. Both serve different purposes but can be conducted by the same CA.
CARO (Companies Auditor's Report Order) requires auditors to report on specific matters like fixed assets, loans, statutory dues, etc. It applies to all companies except one person companies, small companies, and private companies meeting certain criteria.
An auditor can be removed before completing their term only by special resolution (75% majority) after obtaining prior approval of the Central Government. However, auditors can resign by filing ADT-3 with ROC.
For listed and specified companies, individual auditors can serve for maximum 5 consecutive years and audit firms for 10 consecutive years. A cooling-off period of 5 years applies before reappointment.
A management letter is a confidential document from auditor to management highlighting internal control weaknesses, accounting issues, and recommendations for improvement identified during the audit.
The audit should be completed in time for the AGM, which must be held within 6 months from the end of financial year (typically by September 30th). Audited accounts must be filed with ROC within 30 days of AGM.
LLPs are subject to audit only if their annual turnover exceeds ₹40 lakhs or contribution exceeds ₹25 lakhs. Below these thresholds, audit is not mandatory.
Failure to get audited or file audited accounts results in penalties on company and officers in default. The company cannot file annual returns, affecting its compliance status and potentially leading to strike-off.
No, the statutory auditor cannot conduct internal audit of the same company. This is prohibited to maintain independence and avoid conflict of interest as per Section 144 of Companies Act.
The audit report follows the format prescribed under SA 700 and includes auditor's opinion, basis for opinion, key audit matters (for listed companies), management responsibilities, and auditor responsibilities sections.
