Audit under the Companies Act – CA Darshan Vora, Mumbai
Audit under the Companies Act is a statutory requirement for all companies registered in India. CA Darshan Vora offers expert audit services for companies to ensure compliance with the provisions of the Companies Act, 2013. Our audit services provide a thorough examination of your company’s financial statements, internal controls, and operations.
What is an Audit under the Companies Act?
An audit under the Companies Act refers to the examination of the financial records of a company to ensure that the company's accounts and statements comply with legal requirements. It helps in assessing the truth and fairness of the financial statements and determines whether the company is compliant with the provisions of the Companies Act, 2013.
Why is an Audit Under the Companies Act Important?
The audit ensures that the company's financial statements accurately reflect the financial position of the business. It helps the company to detect any discrepancies, frauds, or errors in the financial records. An audit also builds trust with investors, creditors, and stakeholders by assuring them that the company is adhering to the legal and regulatory standards.
Who Requires an Audit Under the Companies Act?
All companies registered under the Companies Act, 2013 are required to conduct an audit. The Companies Act mandates the following:
- Private Limited Companies – Every private limited company is required to get its financial statements audited annually.
- Public Limited Companies – Public companies also have to get their accounts audited annually.
- Other Companies – All companies, including foreign companies operating in India, must have their accounts audited under the provisions of the Companies Act, 2013.
Documents Required for Audit Under the Companies Act
To conduct an audit, the following documents are generally required:
- Balance sheet and profit & loss account
- Annual financial statements
- Bank statements and bank reconciliation statements
- Voucher and receipts for all major transactions
- Minutes of meetings (Board and shareholder meetings)
- Records of assets and liabilities
- Tax returns and other statutory filings
- Loan agreements and contracts
Audit Process Under the Companies Act
The process of audit under the Companies Act involves the following steps:
- Pre-Audit Preparation: The auditor gathers all necessary documents, financial statements, and records to understand the company’s financial position.
- Internal Control Evaluation: The auditor assesses the company’s internal control mechanisms to ensure that the financial records are accurate and reliable.
- Verification of Transactions: The auditor verifies the transactions, accounting entries, and reconciles them with supporting documentation.
- Financial Statement Review: The auditor reviews the company's financial statements, ensuring they comply with the Companies Act and accounting standards.
- Audit Report Generation: The auditor prepares an audit report, which includes any discrepancies or issues found during the audit.
- Submission of Report: The audit report is submitted to the company’s board of directors, who review it before final submission to the Registrar of Companies (ROC).
Why Choose CA Darshan Vora for Audit Services under the Companies Act?
At CA Darshan Vora, we offer comprehensive audit services for companies under the Companies Act. Our approach ensures that your company remains compliant with all regulatory and legal requirements. Here’s why you should choose us:
- Expertise in Companies Act Compliance: Our team is well-versed in the provisions of the Companies Act, 2013 and has experience working with various types of companies.
- Thorough and Transparent Audits: We perform detailed audits with complete transparency, ensuring that all aspects of the company’s financials are accurately reviewed.
- Timely Completion: We ensure that the audit is completed on time, helping you meet regulatory deadlines and avoid penalties.
- Actionable Insights: Our audit reports provide valuable insights to help you improve your financial processes and internal controls.
- Trusted Advisor: We act as trusted advisors to your company, helping you navigate complex legal and financial regulations.
Contact CA Darshan Vora for Audit Services Under the Companies Act
Ensure your company’s compliance with the Companies Act and get reliable audit services with CA Darshan Vora. We offer end-to-end support and guidance throughout the audit process.
Contact us now to schedule your audit under the Companies Act and maintain legal and financial transparency for your business.