{"id":13468,"date":"2018-08-20T08:29:07","date_gmt":"2018-08-20T08:29:07","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=13468"},"modified":"2026-04-08T10:40:06","modified_gmt":"2026-04-08T05:10:06","slug":"audit-private-limited-company","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/audit-private-limited-company\/","title":{"rendered":"Auditing Requirements of Private Limited Company"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/audit-private-limited-company\/#Introduction_to_Auditing_and_Compliances\" title=\"Introduction to Auditing and Compliances\">Introduction to Auditing and Compliances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/audit-private-limited-company\/#Compliance_Checklist\" title=\"Compliance Checklist\">Compliance Checklist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/audit-private-limited-company\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/audit-private-limited-company\/#Auditing\" title=\"Auditing\">Auditing<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Introduction_to_Auditing_and_Compliances\"><\/span><strong>Introduction to Auditing and Compliances<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Congratulations! You, registered your<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/private-limited-company-registration\/\"> private limited company<\/a><\/span>, now it is time to meet the compliance requirements in order to ensure smooth day-to-day operations. The Ministry of Corporate Affairs(MCA) has made company incorporation very simplistic by introducing <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/blog\/one-day-company-incorporation\/\">One-day Company incorporation with SPICe<\/a><\/span>. Auditing requirements have to be met so as to not be in violation of the <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/pvt-ltd-company-as-per-companies-act-2013\/\">Companies Act, 2013<\/a><\/span> and ensure companies are accurately representing their financial position.<\/p>\n<p style=\"text-align: justify;\">Regardless of size, stature or nature of the business, all private limited companies have to maintain books of accounts audited by a practicing Charted accountant before the conclusion of the Financial Year. This process of meeting the compliances also involves the appointment of an auditor. Auditor will evaluate the accounts and produce Audit report and Audited financial statements which they will file with the registrar of companies of the relevant area.<\/p>\n<p style=\"text-align: justify;\">The auditing process is an annual procedure which comes under compliance requirements of companies. To ensure you are compliant with laws set up by MCA we provide you with a list of <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/roc-compliances\/\">compliance requirements<\/a><\/span> in addition to the auditing process as well.<\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Compliance_Checklist\"><\/span><strong>Compliance Checklist<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"table-1\">\n<table width=\"100%\">\n<thead>\n<tr>\n<th align=\"left\">Compliance Requirement<\/th>\n<th align=\"left\">Explanation<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td align=\"left\">\u00a0Auditor Appointment.\u00a0\u00a0\u00a0 <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.mca.gov.in\/MCA21\/dca\/downloadeforms\/eformTemplates\/NCA\/Form_ADT-1_help.zip\">ADT-1 Form<\/a><\/span><\/td>\n<td align=\"left\">An auditor will be appointed within one month of company incorporation. Tenure of Auditor will be 5 years.<\/td>\n<\/tr>\n<tr>\n<td align=\"left\">Statutory Accounts Audit<\/td>\n<td align=\"left\">\u00a0Companies shall prepare their financial accounts for an annual compulsory audit by a practicing Chartered Accountant<\/td>\n<\/tr>\n<tr>\n<td align=\"left\">Annual Return Filing<br \/>\n<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.mca.gov.in\/MCA21\/dca\/downloadeforms\/eformTemplates\/NCA\/Form_MGT-7_help.zip\">MGT-7 Form<\/a><\/span><\/td>\n<td align=\"left\">Private Limited Companies shall file their Annual returns for the Financial Year according to form MGT-7\u00a0 within 60 days of conducting their Annual General Meeting<\/td>\n<\/tr>\n<tr>\n<td align=\"left\">Financial Statements Filing <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.mca.gov.in\/MCA21\/dca\/downloadeforms\/eformTemplates\/NCA\/Form_AOC-4_XBRL_help.zip\">AOC-4 Form<\/a><\/span><\/td>\n<td align=\"left\">All Pvt. Ltd companies are to file their Balance Sheet, Profit and Loss account Statement along with Director&#8217;s report included in the form to be done 30 days within conducting their Annual General meeting<\/td>\n<\/tr>\n<tr>\n<td align=\"left\">Conducting Annual General Meeting<\/td>\n<td align=\"left\">\u00a0Company will hold an Annual General Meeting(AGM) at least once per calendar year. It is required to hold an AGM 6 months prior to the conclusion of the financial year.<\/td>\n<\/tr>\n<tr>\n<td align=\"left\">Preparing Director&#8217;s Report<\/td>\n<td align=\"left\">\u00a0A Director&#8217;s report has to be prepared with all relevant information in accordance with <strong>Section 134<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Auditing\"><\/span><strong>Auditing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The Annual Statutory\u00a0 Audit is a complex procedure and could be a very taxing process because of the microanalysis and scrutiny of financial records. However, if a company plans their audit well it could become a part and parcel of the company&#8217;s routine and could help the company improve both financially as well as operationally. With this piece, we aim to guide you through your annual procedure which is compliant with all auditing requirements.<\/p>\n<p style=\"text-align: justify;\">Let&#8217;s understand the term Statutory Audit first. Statutory basically means anything which comes under the regulations set by the government. Audit basically means an inspection. Therefore, Statutory\u00a0 Audit, in turn, means an inspection under the regulations set by a government authority. It is basically done to assess the financial position of a company.<\/p>\n<p>Let&#8217;s now list down Things to keep in Mind for a smooth process meeting all Auditing Requirements.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\">Help the Auditor: Auditors need to know the company&#8217;s dealings with the last detail. Help them understand your business by providing them with the necessary details. These include\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Corporate Structure:\u00a0 History, Market Share of the organization.<\/li>\n<li>Operational details such as Services, Products, Marketing, and Processing<\/li>\n<li>Processing<strong>:<\/strong> Financial Statements, Shares and Stocks, Liquidity, Accounts<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>\u00a0<em>Schedule the Audit routine: <\/em>The Audit is a paperwork intensive process and could, therefore, be time-consuming. Maintain a timetable with a checklist of tasks to be done and documents to be arranged along with individuals responsible for producing said documentation. The auditors receive a letter about the management representatives involved beforehand and it will be nice for them to be in touch with all mentioned individuals.<\/li>\n<li>The main areas around which the Audit process works are as follows. Prepare for the audit accordingly.\n<ul>\n<li>Cash<\/li>\n<li>Stocks<\/li>\n<li>Receivables<\/li>\n<li>Payables<\/li>\n<li>Statutory Records<\/li>\n<\/ul>\n<\/li>\n<li>\n<table width=\"100%\">\n<thead>\n<tr>\n<th align=\"left\">Profit and Loss Account<\/th>\n<th align=\"left\">Balance Sheet<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td align=\"left\">\u00a0Sales and other sources of Income, Purchases and various other costs, Manufacturing Costs, Administrative Costs, Charges<\/td>\n<td align=\"left\">Loans: Secured and Unsecured. Current Liabilities, Share Capital. Current Assets: Sundry, Cash, Deposit, Bank Balance. Fixed asset Inventories, Investments<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li style=\"text-align: justify;\">The necessary and critical documentation includes\u00a0 Purchase bills, Sales Register, VAT payments and returns, Salary and wages, Fixed assets purchased, Trade license, Property Tax paid challans, ESI paid challan outstanding \u2013 Payment of advance tax, <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/tds-return\/\">TDS certificates<\/a><\/span>, Investment papers, Bank reconciliation statements. The auditors are authorized to analyze the records to whichever depth they see fit. It is up to quality the internal control assessment conducted by a firm that the auditors choose what depth of Auditing is fit for a said company.<\/li>\n<li style=\"text-align: justify;\">Feedback- In a perfect audit scenario after each step of evaluation, informal dialogues can be conducted on various aspects of internal control and review of audit process thus far. Auditors can be urged for suggestions for improvement.<\/li>\n<li style=\"text-align: justify;\">Audit Report-\u00a0 The report is generated once the Audit team has successfully addressed all issues surrounding financial records and dealings of the company. The report is then passed on to the Board of the company or the auditing committee.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">The auditing process and meeting the auditing requirements can be a bit challenging for companies to do on their own. Many a time you may require a professional touch to ensure smooth day-to-day operations.<\/p>\n<p style=\"text-align: justify;\">At <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.legalraasta.com\/file-roc-compliance-for-private-limited-company\/\">LegalRaasta<\/a><\/span>, we help navigate your company through <a href=\"https:\/\/www.legalraasta.com\/file-roc-compliance-for-private-limited-company\/\"><span style=\"color: #0000ff;\">ROC compliances<\/span><\/a> and auditing requirements process ensuring your auditing process is smooth.<\/p>\n<p style=\"text-align: justify;\">Shoot us an email at <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"mailto:contact@legalraasta.com\">contact@legalraasta.com\u00a0 <\/a><\/span>or\u00a0 Ring us up at <span style=\"color: #0000ff;\">+91-<a class=\"fusion-flex-link fusion-bar-highlight\" style=\"color: #0000ff;\"><span class=\"menu-text\">8750048585<\/span><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction to Auditing and Compliances Congratulations! You, registered your private limited company, now it is time to meet the compliance requirements in order to ensure smooth day-to-day operations. The Ministry of Corporate Affairs(MCA) has made company incorporation very simplistic by introducing One-day Company incorporation with SPICe. Auditing requirements have to be met so as to not [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":13486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[555],"tags":[178,177,179,45],"class_list":["post-13468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-limited","tag-audit-private-limited-company","tag-audit-requirements","tag-auditing","tag-private-limited-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Auditing Requirements Private Limited Company | LegalRaasta<\/title>\n<meta name=\"description\" content=\"All private limited companies are required to maintain books of accounts which have to conform to auditing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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