Quick summary
Every Pvt Ltd in Bangalore must complete a statutory audit regardless of turnover. Here's what that means, what it costs, and how to prepare. So you're not scrambling in October.
Is a statutory audit mandatory for your Bangalore Pvt Ltd?
Yes. Unconditionally. Under the Companies Act, 2013 (Section 139), every company incorporated in India, including a Private Limited company with zero revenue, must appoint a Chartered Accountant as its statutory auditor and complete an audit every financial year.
There is no minimum turnover threshold for companies. Even a shelf company with no transactions must be audited.
What the statutory audit process involves
The statutory auditor reviews your financial statements. Balance sheet, P&L, cash flow statement. And the underlying records to issue an audit report. The report is filed with MCA as part of your annual return.
- Auditor appointment: pass a board resolution and file Form ADT-1 within 15 days of AGM
- Provide books of accounts, bank statements, invoices, TDS records, GST returns
- Auditor tests a sample of transactions and reviews internal controls
- Auditor issues a report under Section 143. Clean opinion, qualified opinion, or adverse
- Financial statements (AOC-4) and annual return (MGT-7) filed with MCA within 30 and 60 days of AGM respectively
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Find a verified audit firm in BengaluruAudit fees for Bangalore Pvt Ltd companies
Statutory audit fees in Bangalore vary by company size, transaction volume, and auditor's firm tier:
- Early-stage / zero-revenue Pvt Ltd: ₹8,000–₹20,000 per year
- Small company (turnover ₹1–10 crore): ₹20,000–₹60,000 per year
- Mid-size company (₹10–50 crore): ₹60,000–₹2,00,000 per year
- Larger companies or complex structures: ₹2,00,000+ per year
- Big Four firms: typically ₹5,00,000+ for mid-size mandates
How to prepare so your audit doesn't become expensive
An auditor charges by the time they spend. Clean books, organised records, and reconciled GST and TDS returns reduce audit time. And audit fees.
- Maintain monthly bookkeeping. Don't give the auditor 12 months of unreconciled records
- Reconcile your GST returns (GSTR-1 vs GSTR-3B) and ensure GSTR-2B matches books
- Ensure TDS deducted matches TDS returns filed. Form 26AS should reconcile with books
- Keep all loan agreements, director remuneration resolutions, and board meeting minutes in order
- Fixed assets register maintained and depreciation calculated correctly
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