Fact-check notes
Last fact-checked: 2026-06-05
MCA, ROC, company, LLP, audit, CSR, secretarial and cost-audit compliance should be verified against current MCA V3 forms, company master data, board records and applicable thresholds.
This page is preparation guidance. Ask the expert to verify active law, portal forms, notifications and your documents before filing, signing or paying.
What this covers
Faq Statutory Audit India needs clear facts, documents, portal status, deadlines and deliverables before you compare expert quotes on WorkIndex.
- Define the exact scope: filing, registration, advisory, correction, notice reply, audit, review or recurring compliance.
- Check official portal status before relying on old forms, old due dates or generic internet summaries.
- Share documents, year or period, entity type, city and deadline so the expert quote is specific.
- Ask for assumptions, exclusions, government-fee breakup, timeline and final deliverables in writing.
Who this is for
- User comparing experts on WorkIndex.
- Business owner preparing compliance records.
- Taxpayer, founder or finance team with a deadline.
- Case involving notices, filings, registration, audit or advisory.
Documents and details to prepare
- Identity, PAN/GSTIN/TAN/MCA or registration details.
- Official portal status, prior filings, challans and acknowledgements.
- Invoices, contracts, bank statements, books, payroll or transaction records.
- Notice, order, demand, deadline or expected deliverable if any.
Common mistakes to avoid
- Using future-dated or unofficial claims without checking official sources.
- Comparing quotes without sharing complete facts.
- Ignoring portal mismatch, old defaults or pending notices.
- Not separating professional fees, government fees and taxes.
How to brief the expert
- Mention city, entity type, year or period, deadline and current portal status.
- List documents available and gaps you already know.
- Ask for scope, assumptions, exclusions, fee breakup and timeline.
- Save final filings, challans, acknowledgements, workings and advice notes.
FAQs
Can WorkIndex help with this?
Yes. Post your requirement once and compare relevant experts by scope, quote, documents and timeline.
Is this page final legal or tax advice?
No. It is a preparation guide. Your expert should verify current law, portal forms, notifications and your documents.
What should I mention while posting?
Mention the year or period, city, entity type, deadline, portal status, documents available and exact output needed.
Frequently Asked Questions
1. What is the primary role of accounting and bookkeeping in relation to Statutory Audit India FAQ?
Bookkeeping is the systematic recording of daily financial transactions for Statutory Audit India FAQ. Accounting involves summarizing, analyzing, interpreting, and reporting these transactions to prepare financial statements and tax filings.
2. What is a Statutory Audit, and does it apply to Statutory Audit India FAQ?
A statutory audit is an official review of a company's financial records to verify they present a true and fair view. Under the Companies Act, 2013, a statutory audit is mandatory for all incorporated companies (Private Limited, Public, OPC) carrying out activities like Statutory Audit India FAQ, regardless of turnover or capital.
3. What is a Tax Audit under Section 44AB, and how does it relate to Statutory Audit India FAQ?
A tax audit is a review of books of accounts to ensure tax compliance under Section 44AB. It is mandatory if a business's annual turnover exceeds ₹1 crore (or ₹10 crore if 95% of receipts and payments are digital) or if a professional's gross receipts exceed ₹50 lakh, which applies directly to Statutory Audit India FAQ activities.
4. What is the due date for filing a Tax Audit report?
The due date to submit the Tax Audit report (Form 3CA/3CB and 3CD) on the income tax portal is September 30 of the Assessment Year (one month prior to the ITR filing deadline of October 31).
5. What is an Internal Audit? Who needs it?
An internal audit is an independent appraisal of an organization's internal controls, processes, risk management, and governance. Under Section 138 of the Companies Act, specific classes of listed and unlisted companies must appoint an internal auditor.
6. What is a Virtual CFO?
A Virtual CFO (Chief Financial Officer) is an outsourced service provider that offers strategic financial management, forecasting, budgeting, cash flow planning, and compliance oversight to startups and SMEs on a part-time or advisory basis.
7. What is UDIN, and why is it mandatory for CAs?
UDIN (Unique Document Identification Number) is a unique 18-digit number generated by Chartered Accountants on the ICAI portal for every certificate, audit report, and document they sign. It prevents forgery and verifies the document's authenticity.
8. What is the threshold for mandatory appointment of an Auditor in a Company?
Every company must appoint its first auditor within 30 days of incorporation at the board level. The auditor is then ratified/appointed in the first Annual General Meeting (AGM) for a term of 5 years.
9. What are the common accounting software used by Indian businesses?
Common software includes TallyPrime (widely used for traditional accounts/inventory), Zoho Books (cloud-based, modern compliance), QuickBooks, Busy, and custom ERP systems like SAP or Oracle.
10. What is a Net Worth Certificate? Who issues it?
A Net Worth Certificate states the financial worth of an individual or entity (assets minus liabilities). It must be certified by a practicing Chartered Accountant (CA) with a valid UDIN and is required for visa applications, tenders, and bank loans.
11. What is a Solvency Certificate?
A Solvency Certificate is a document showing that an individual or entity is financially stable and capable of meeting their financial liabilities. It is issued by a commercial bank or a Chartered Accountant based on asset holdings.
12. What is CARO (Companies Auditor's Report Order)?
CARO is an additional reporting requirement for statutory auditors of specific companies. The auditor must report on specific matters like fixed assets, inventory, loans, internal controls, statutory dues, and transactions with related parties.
13. What is the penalty for late filing of financial statements (AOC-4) with ROC?
The late fee for filing Form AOC-4 (Financial Statements) is ₹100 per day of delay. Additionally, the company and its directors can be penalized for non-compliance.
14. What is the difference between cash system and accrual system of accounting?
Cash accounting records revenues when cash is received and expenses when cash is paid. Accrual accounting records revenues when earned and expenses when incurred, regardless of cash flow. Companies must follow the accrual system.
15. What are Accounting Standards (AS) and Ind AS?
Accounting Standards (AS) are guidelines issued by the ICAI to standardize accounting practices. Ind AS (Indian Accounting Standards) are aligned with global IFRS standards and are mandatory for listed companies and large unlisted companies with net worth >= ₹250 crore.