Is Statutory Audit Compulsory for a Public Limited Company?

Yes. Every Public Limited Company in India, whether listed on a stock exchange or unlisted, must get its accounts audited every year by a practising Chartered Accountant (CA) or a CA firm. This rule is part of the Companies Act, 2013. It applies even when the company has no sales, no profit or no business activity.

A public company has stricter audit rules than a private company. It has more reports to give, fewer exemptions, and closer attention from regulators such as the Registrar of Companies (ROC), SEBI (for listed companies) and the National Financial Reporting Authority (NFRA) for large companies.

CA Arpit Gupta helps unlisted public companies and growing companies with statutory audit, auditor appointment, ROC filings and compliance.

Why is the Statutory Audit of a Public Limited Company More Detailed?

A public company can have many shareholders, banks, lenders and the general public relying on its numbers. For this reason, the law asks for deeper checks and wider reporting. In a public company:

• Small company relief is not available
• CARO 2020 reporting generally applies, with only a few exceptions
• Internal Financial Controls (IFC) reporting by the auditor is required
• Auditor rotation applies when the size limits are crossed
• Audit committee requirements apply to listed companies and to larger unlisted public companies
• Fraud reporting duties of the auditor are stricter
• SEBI rules apply to listed companies, such as quarterly limited review and annual audited results

What Statutory Audits May a Public Company Need?

Note: One audit does not replace another. A large public company may need several of them.

What Documents Are Needed for Public Limited Company Statutory Audit?

• Certificate of Incorporation, MOA and AOA
• PAN, TAN and GST details
• Trial balance, ledgers and consolidated records, where subsidiaries exist
• Bank statements and bank confirmations
• Sales, purchase and expense records
• Fixed asset register with capital work in progress details
• Inventory records and stock count reports
• Loan and debenture agreements
• Debtor and creditor lists with confirmations
• GST, TDS and other statutory returns
• Payroll, PF and ESI records
• Share capital details, allotment records and statutory registers
• Board, committee and shareholder meeting minutes
• Related party details and transactions
• Internal audit reports and control documents
• Legal case details and contingent liabilities
• Previous year's audited accounts, returns and ROC forms

If your books need work, we can help you to prepare them before the audit begins.

How Does Our Statutory Audit Process Work?

1. Call or WhatsApp us on +91-7081220600
2. Tell us about your company like type, size, capital, turnover, subsidiaries and the filing status
3. We check the reports and standards that apply to you
4. We check our independence and confirm our eligibility to audit your company
5. We share the proposal and fee
6. The auditor is appointed with consent, eligibility certificate and Form ADT-1
7. We plan the audit and share the document list and timeline
8. We audit the accounts and test the controls, including the checks on internal financial controls
9. We discuss the findings with the management and the Audit Committee, where it exists
10. We finalise the Auditor's Report, CARO and IFC reports, with UDIN
11. We help with AGM papers and with the ROC filings such as AOC-4 and MGT-7
12. We remind you about the next due dates

Why Choose CA Arpit Gupta for Statutory Audit of Public Limited Company?

• Practising Chartered Accountant with audit and sign-off with UDIN
• Clear check of requirements
• Complete ROC support
• Honest and early feedback
• Help with old defaults
• One CA for all needs
• We explain every point clearly
• Easy contact

Get Your Public Company Audit Done Right

A public company has more responsibilities and more people relying on its accounts. Share your company details with CA Arpit Gupta, and we will plan and complete your statutory audit and the ROC filings.

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