Quick summary
Not every CA firm in Bangalore has the same audit experience. Here's how to evaluate audit firms before appointing one. And the red flags to watch for.
Why it matters which firm you choose
A statutory audit is a legal requirement, but its value depends entirely on the quality of the firm doing it. A low-quality audit. Where the auditor signs off without genuinely testing your records. Creates the appearance of compliance without the substance.
For startups seeking funding: investors do due diligence on your audited statements. An auditor without relevant startup experience may miss industry-specific accounting treatments that sophisticated investors will question.
For companies with potential disputes: a well-documented audit trail protects you. A perfunctory audit leaves gaps.
How to verify a CA or CA firm in Bangalore
All Chartered Accountants and CA firms in India are registered with ICAI (Institute of Chartered Accountants of India). Verify before appointing:
- Individual CA: search ICAI member directory at icai.org. Verify membership number and standing
- CA firm: search the firm registration number on icai.org. Check if firm is currently active
- Ask if the partner signing your audit report is a fellow member (FCA) or associate member (ACA). FCAs have more experience
- For companies with public interest (listed, large unlisted): the audit firm must be on ICAI's list of empanelled auditors with the CAG
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Find a verified auditor in BengaluruQuestions to ask an audit firm before appointment
The appointment of a statutory auditor requires a board resolution and Form ADT-1 filing. You cannot easily change mid-year. Do your evaluation before appointing.
- How many companies in our sector do you currently audit?
- Will a partner sign the report, or will it be delegated to an article?
- What is your typical fieldwork timeline and how many days on-site?
- What do you need from us to begin, and what is your document request format?
- How do you communicate issues found during audit. Do you issue a management letter?
- What are your fees and what triggers additional charges?
- Have you had any ICAI disciplinary proceedings? (check independently at icai.org)
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