What is a Statutory Audit for a One Person Company?

A statutory audit is a yearly check of your company's accounts by an independent Chartered Accountant. The auditor reviews your books and financial statements and gives an opinion on whether they show a true and fair picture of the business.

The Companies Act, 2013 requires every company to get its accounts audited. A One Person Company (OPC) is a company in the eyes of the law, so it must follow this rule even though it has only one shareholder.

Is Statutory Audit Compulsory for an OPC?

Yes. Statutory audit is compulsory for every OPC, whether it earns profit, makes a loss, or has no business activity at all. There is no turnover limit or capital limit below which an OPC can skip it.

This is different from the Income Tax audit. The Income Tax audit applies only when your turnover crosses a set limit. The statutory audit applies to every OPC every year.

What Does the Auditor Check?

The auditor goes through your records and looks at:

• Cash book, bank statements and ledgers
• Sales and purchase bills
• Expenses and whether they are properly recorded
• Fixed assets and depreciation
• Loans taken from or given to the director
• Share capital details
• GST and TDS payments
• Related party transactions
• Whether the Balance Sheet and Profit & Loss Account match the books

Documents Needed for Statutory Audit of an OPC

Keep these ready before the audit starts:

• Certificate of Incorporation, MOA and AOA
• PAN and TAN of the company
• Bank statements for the full year
• Sales and purchase invoices
• Expense bills and vouchers
• Trial Balance and ledgers
• GST returns and TDS returns
• Loan agreements, if any
• Fixed asset list and purchase bills
• Details of director's remuneration
• Previous year's audited financial statements

Good records save time and keep the audit fee lower.

What is the Process of OPC Statutory Audit?

1. Appoint the auditor and file Form ADT-1
2. Share the records with the CA like bank statements, bills, ledgers and loan papers
3. Books are checked and mistakes are pointed out
4. Fixes are made in the accounts, if needed
5. Financial statements are prepared
6. The auditor signs the report
7. The director and nominee sign the financial statements
8. File AOC-4 and MGT-7A with the ROC before the due dates

Why Choose CA Arpit Gupta for OPC Statutory Audit?

Doing the audit on time keeps your OPC clean in the eyes of the ROC, banks and the tax department. CA Arpit Gupta helps OPC owners with:

• Appointment of auditor and ADT-1 filing
• Complete statutory audit of the OPC
• Preparation of financial statements
• Filing of AOC-4 and MGT-7A
• Tax audit and Income Tax Return filing
• Help with old pending filings and late fee cases
• Clear fee quote before work starts

You get simple guidance in plain language, with no hidden steps.

Get Your OPC Audit Done on Time

Do not wait for the due date to come close. Late filing means extra fees every day.

Share your last year's accounts and bank details, and get a clear plan and quote for your OPC's statutory audit.

Call or WhatsApp CA Arpit Gupta at: +91-7081220600.