Audit / report default (Sec 147)
Company and officers face monetary penalties; auditor liable for professional lapses.
Statutory Audit
Quick Reference for Your Business
Companies Act & LLP Audit — Who Must Get Audited · Due Dates · Penalties
01
Who Must Have A Statutory Audit
| Entity | Requirement |
|---|---|
| Every company | Mandatory — all companies, regardless of size or turnover (Sec 143) |
| LLP | If turnover > ₹40 lakh OR contribution > ₹25 lakh |
| Auditor term | Appointed for 5 years (Sec 139); first auditor within 30 days of incorporation |
02
Due Dates
| Item | Detail |
|---|---|
| ADT-1 (auditor appointment) | Within 15 days of the AGM |
| AGM | Within 6 months of FY-end (first AGM within 9 months) |
| Audited accounts | Signed before the AGM; filed via AOC-4 |
03
Penalty for Default
Non-appointment of auditor
Attracts penalty and the auditor may be appointed by the authorities.
Note: Statutory audit is non-negotiable for companies — even a dormant or loss-making company must be audited every year. The audited accounts feed your ROC filing (AOC-4) and tax audit (Form 3CA). Missing it cascades into ROC penalties and director disqualification risk.
04
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