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The Companies Act of 2013 made audits mandatory for companies irrespective of their turnover or the company’s nature. All Private Limited Companies must maintain their books of accounts regardless of size, stature, or nature of the business. The company’s directors are responsible for getting their books of accounts audited. Company for purpose Private Limited Audit must appoint a practising Chartered Accountant for auditing. The Ministry of Corporate Affairs(MCA) has mentioned company incorporation by introducing one day. Auditing requirements must be met not to violate the Companies Act 2013 and ensure companies accurately represent their financial position.
The process of compliance also involves the appointment of an auditor. The auditor evaluates the accounts and also produces the Audit report. The Audited financial statements are filed with the respective area’s Registrar of Companies (ROC). The Private Limited Auditing process is an annual procedure that comes under the compliance requirements of the companies.
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Different types of audits in a private limited company are carried out for various purposes. The types of audits of a private company are given below:
In case of non-filing of the above forms with the ROC & non-submission of the statutory and cost audit reports attracted a penalty. Thus, a private limited company is mandatorily conducting the statutory audit. They also need to conduct internal and cost audits when they fulfil the requirements mentioned in the rules.
Also Read:Important Checklist for Internal Audit of Private LimitedEffective Steps of Performing an Internal Audit SuccessfullyThe future of Internal Audit: Analysis, insights and prospectus
Minakshi Bindhani has completed LL.M. with a specialization in Criminal Law from Madhusudan Law University, Cuttack, Odisha. She is more inclined toward legal research and writing and have prior experience in Civil and Criminal litigation and content writing.
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