Audited, without exception
Accounting, Audit & Books of Account in India
Every Indian company is audited, and the auditor must be appointed within weeks of incorporation.
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The appointment deadline catches new companies
There is no small company audit exemption in India: every company is audited every year. What newly incorporated companies miss is that the first auditor must be appointed within a short period after incorporation, and a failure there is a compliance default before trading has even begun. Books must also be maintained so that they are accessible in India, which affects groups intending to run accounting entirely from overseas.
- First auditor appointed within the statutory deadline
- Books maintained so they are accessible in India as required
- Reporting framework matched to your company’s category
20+
Mainland, free zone and offshore jurisdictions we file in — so the recommendation is based on your activity, not on which authority we happen to be registered with.
7,000+
Companies successfully established.
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What is required
Accounting obligations in India
Audit is universal; deadlines are tight.
| Obligation | Position |
|---|---|
| Books of account | Maintained and accessible in India. |
| Statutory audit | Every company, every year. |
| First auditor appointment | Within a short period after incorporation. |
| Tax audit | Additionally, above prescribed thresholds. |
| Reporting framework | By company category. |
| Board approval of accounts | Before filing, at a board meeting. |
Audit requirements, auditor appointment deadlines, rotation rules and reporting frameworks are set by the Companies Act and rules and change. Yours are confirmed for your company’s category.
How it works
Keeping the books properly
Appoint early, record monthly.
01
Appoint and set up
First auditor appointed within the deadline, chart of accounts established and the reporting framework confirmed.
02
Maintain
Transactions recorded monthly, withholding tracked as payments are made, and books kept accessible in India as required.
03
Audit and approve
Financial statements prepared, audit completed, accounts approved by the board and filed with the Registrar.
To keep the books
What we need from you
Withholding detail matters as transactions occur.
- Bank statements for all accounts
- Sales invoices issued
- Purchase invoices and expense vouchers
- Payments subject to withholding, with payee details
- Payroll records
- Lease and finance agreements
- Related-party transactions and agreements
- Fixed asset purchases
- Inventory records where relevant
- Share capital and shareholder transactions
- Opening balances on transfer
- Financial year end
Scope
What is included, and what is not
Stated plainly, so nothing is added once the engagement starts.
Included in the service fee
- First auditor appointment within the deadline
- Accounting set up to the correct framework
- Monthly bookkeeping
- Bank reconciliations
- Withholding tracked as payments are made
- Financial statement preparation
- Audit co-ordination with the statutory auditor
- Filing of accounts with the Registrar
Not included, quoted separately
- Audit fees, charged by the auditor
- Tax audit fees where applicable
- Government fees, paid at cost
- Reconstruction of long-neglected periods unless quoted
- Accounting software licences
- Transfer pricing documentation, quoted separately
- Penalties for periods before engagement
- Payroll processing unless included
Verify independently
Official Indian authorities
We file directly with these bodies on your behalf.
Ministry of Corporate AffairsRegistrar of CompaniesReserve Bank of IndiaIncome Tax DepartmentGoods and Services Tax authoritiesState labour and municipal authorities
Questions
India accounting and audit — FAQs
Is audit required for a small Indian company?
Yes. Statutory audit applies to every company regardless of size or turnover. There is no small company exemption.
When must the first auditor be appointed?
Within a short period after incorporation. Missing it creates a default before the company has even started trading, and it is a common oversight.
Can accounting be done entirely from overseas?
Books must be maintained so that they are accessible in India. Groups planning to run everything from abroad need to structure that carefully.
What is tax audit?
An additional audit required above prescribed turnover thresholds, separate from the statutory audit. Larger companies face both.
Are there auditor rotation rules?
Yes, for companies above prescribed categories, limiting how long the same auditor or firm may serve. We track it where it applies.
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