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Statutory Audit

What is Statutory Audit


The companies Act, 2013 has prescribed various provisions for Statutory Audit under sections 139 to 147 under Chapter X of the Act.

Section 139 contains the provisions regarding appointment of auditor, every company on its first annual general meeting appoint an individual or a firm as the auditor to hold the office of auditor from the conclusion of that annual general meeting till the conclusion of the sixth annual general meeting.

ROC compliances for the appointment of auditor

Within 15 days of appointment of auditor in Annual General Meeting Form ADT-1 must be filed along with required documents to intimate the Registrar of Companies about the appointment of Auditor.

Section 141 lays down the the eligibility of a person to be appointed as the auditor of the company.

According to section 141 a person will be eligible for appointment as an auditor only if he is a Chartered Accountant or a firm which has majority of its members who are qualified chartered accountants.

Section 143 of the Act, contains the powers and duties of the auditor of the company. According to section 143, the auditor shall make a report to the members of the company on the financial statements examined by him.

Statutory Audit

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Other provisions with respect to audit are mentioned below:


  • 1. The auditor of the company shall have access over the books of accounts and necessary vouchers at all times and he may ask for necessary documents and information from the company that he may deem necessary.
  • 2. Beside other things, an auditor must specify in his report that whether the financial statements of the company represent a true and fair view of the state of company's affairs as on the end date of the financial year.
  • 3. In case the auditor gives any qualification remark to the report, he must also state the reason for the same.
  • 4. In case the auditor finds any fraud, he must immediately report it to the central government.

The Auditor Must sign the audit report and all the other financial statements of the company.

Submitting of Audited Statements to the Registrar of companies:

The audited financial statements must be submitted to the registrar of companies in form AOC-4 within 30 days from the date of AGM.

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