Direct Tax Services
Audit
Consulting
ESG Advisory
RBI Services
SEBI Services
IRDA Registration
FEMA Advisory
Compliances
IBC Services
VCFO Services
Developed
Developing
BOTs
American
EU-1
EU-2
South East
South Asia
Gulf
ME
Select Your Location
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[1] 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.
Table of Contents
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.
The Reserve Bank of India, in its press release dated June 8, 2023, issued Statement on Develop...
RBI released a developmental and regulatory policy statement on June 8, 2023. The objective of...
Financial Institutions called Asset Reconstruction Companies ("ARCs") reconstruct and securitis...
Any person booked for an offence under the Criminal Procedure Code (CrPc) / the Code would be r...
The Reserve Bank of India regulates Non-Banking Financial Companies in India, and they are subj...
The Reserve Bank of India regulates Non-banking Financial Companies in accordance with the RBI...
Incorporation of a Limited Liability Company (LLC) is an attractive choice for small business o...
The Reserve Bank of India (the Bank) issued Non-Banking Financial Companies Acceptance of Publi...
A few years ago, investing in traditional investment categories like shares, bonds, real estate...
Compared to other organisations, the corporate governance of Non-Banking Financial Companies is...
Are you human?: 2 + 5 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
A Private Limited Company and Limited Liability Partnership are business structures that are governed by two differ...
26 Jun, 2017
A new business is establishing in the USA, every day, from market giants to small-scale industries. Company Registr...
02 Jun, 2020
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!