Audits for Mumbai Businesses
Most Mumbai businesses face at least one audit every year, and many face several: a statutory audit under company law, a tax audit, a stock audit from the bank financing their inventory, and for larger companies a secretarial audit. CompanyFX gets your books and records audit-ready and coordinates with the auditors, so audits finish before filing deadlines instead of holding them up.
Types of Audit
- Statutory audit: compulsory for every company, and for LLPs above ₹40 lakh turnover or ₹25 lakh contribution
- Tax audit: above the turnover or receipts limits under the Income-tax Act
- Stock audit: for traders and manufacturers with bank working-capital limits
- Internal audit: a review of controls, payments and processes, often required by lenders or investors
- Secretarial audit: a company secretary's review of compliance with company law and related laws
How We Prepare You
- Check which audits apply to you this year.
- Close and reconcile the books: bank, GST, TDS, debtors, creditors and stock.
- Prepare schedules, fixed asset registers and supporting documents.
- Coordinate with the auditor and answer their queries.
- File the audited financials and reports with the ROC and income tax portals.
For Mumbai Traders with Bank Limits
Wholesale and trading businesses in Kalbadevi, Masjid Bunder and Bhiwandi often draw against cash credit limits secured on stock and debtors. Banks then ask for monthly or quarterly stock statements and periodic stock audits. Our accounting service keeps item-wise stock and debtor ageing current, so statements are accurate and the drawing power is not cut.
Secretarial Audit
As a Company Secretary-led firm, we also carry out secretarial audits and compliance reviews, checking board processes, registers, filings and Secretarial Standards. Private companies often use one before a funding round or acquisition. See also secretarial compliance in Mumbai.
Serving Clients Across Mumbai
Fort, Kalbadevi, Masjid Bunder, Lower Parel, Worli, Bandra-Kurla Complex, Andheri, Powai, Goregaon, Malad, Thane, Vashi and Bhiwandi, all handled online.
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Based on size and audit type
- Audit applicability check
- Audit-ready books and schedules
- Coordination with auditors
- Tax audit report support
- Stock statements for banks
- Secretarial audit (MR-3)
Frequently Asked Questions
Does every private limited company need an audit?
Yes. Every company registered under the Companies Act, including private limited companies and OPCs, must have its annual financial statements audited by a chartered accountant, whatever its turnover.
When does an LLP need an audit?
An LLP needs a statutory audit only if its turnover exceeds ₹40 lakh or its partners' contribution exceeds ₹25 lakh in a financial year.
When is a tax audit required?
A tax audit is required for businesses with turnover above ₹1 crore, rising to ₹10 crore if cash receipts and payments are each no more than 5% of the total, and for professionals with gross receipts above ₹50 lakh. Special cases such as presumptive taxation declared below the prescribed profit also trigger it.
What is a stock audit?
Banks that give working-capital limits against stock and receivables, common for Mumbai traders, ask for periodic stock statements and stock audits to verify the stock and debtors that back the limit. Clean, reconciled inventory records make these audits quick.
Who needs a secretarial audit?
A secretarial audit by a practising company secretary (Form MR-3) is mandatory for listed companies and for public companies with paid-up capital of ₹50 crore or more or turnover of ₹250 crore or more, among others. Private companies often commission a voluntary one before fundraising.
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