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Audit & Assurance Services in Rewa
Running a business in India comes with numerous financial and legal responsibilities. Whether you're a small enterprise, a growing startup, or a well-established company, maintaining financial transparency and complying with statutory laws is non-negotiable. That’s where our Audit and Assurance services in Rewa come in.
We offer expert audit solutions
At Smart Tax Idea, we offer expert audit solutions tailored to your business needs—helping you stay compliant, build stakeholder trust, and improve internal processes. From statutory audits to tax audits, our team of experienced Chartered Accountants ensures accurate, efficient, and reliable services.
Why Choose Our Audit & Assurance Services?
- Ensure 100% legal compliance with latest audit standards
- Identify financial loopholes and improve internal controls
- Avoid penalties and regulatory issues
- Build credibility with investors and banks
- Get expert guidance from certified CAs in Rewa
Our Key Audit Services
Compliance, Efficiency, and Risk Management — all in one place.
Statutory Audit
Statutory audits are mandatory for companies as per the Companies Act, 2013. We help you meet your legal obligations by providing detailed audit reports, verifying financial statements, and ensuring complete compliance.
Tax Audit (Section 44AB)
If your business crosses certain turnover limits, a tax audit becomes essential under Income Tax laws. We ensure you meet all Section 44AB requirements while avoiding unnecessary penalties.
Internal Audit
Internal audits help assess risks, check internal controls, and improve operational efficiency. Ideal for startups, SMEs, and NGOs looking to scale.
Company Audit (Annual Compliance)
Stay on top of your company’s annual compliance with our end-to-end Company Audit services—ROC filing, board meetings, financial disclosures & more.
Director Responsibilities Under Companies Act
What You Should Know About Your Legal Duties & Compliance Requirements
Being a director of a Private Limited Company isn't just about holding a title — it comes with legal duties, fiduciary responsibilities, and compliance obligations under the Companies Act, 2013. Whether you're a first-time startup founder or a seasoned SME director, here's a practical guide to help you stay informed and compliant.
Who is a Director?
A director is an individual elected by shareholders to manage and oversee the affairs of the company. Under Indian law, every Private Company must have at least two directors.
Legal Responsibilities of Directors Under Companies
Act, 2013
Fiduciary Duty
A director must act:
- In good faith
- In the best interest of the company
- With due care, skill, and diligence
Maintain Statutory Registers
Ensure that statutory registers such as:
- Register of Members
- Register of Directors
- Share Transfer Register are properly maintained and updated.
Ensure Timely Filings
Directors are responsible for ensuring timely compliance, including:
- Annual ROC Filings (AOC-4, MGT-7)
- Income Tax Returns
- TDS, GST returns
- DIR-3 KYC (mandatory for every director annually)
Conduct Board Meetings
- Hold at least four board meetings a year
- Maintain minutes of meetings
- Approve financials and key business decisions formally
Directors must:
- Review and approve annual financial statements
- Ensure proper internal financial controls are in place
- Appoint and cooperate with auditors during the statutory audit
Disclosure of Interest
A director must disclose any:
- Financial interest in contracts
- Related party transactions
- This must be recorded in meeting minutes and reported to the ROC where necessary.
🚨
What Happens if a Director Fails in Their Duties?
Financial Penalty
Penalty of up to ₹5 lakh under certain sections of the Companies Act
Position Disqualification
Disqualification from holding the position of director in any company
Personal Liability
Liability for company losses due to negligence or breach of duty
Legal Consequences
Legal proceedings by the MCA or shareholders for misconduct
Statutory Audit Services
Ensuring compliance and financial transparency for your business
Who Needs a Statutory Audit?
Statutory audits are mandatory for:
- Private Limited Companies
- Public Limited Companies
- Limited Liability Partnerships (LLPs) with annual turnover above ₹40 lakhs or capital contribution above ₹25 lakhs
- Any business entity as per legal requirements under Indian corporate law
If your business falls under any of these categories, statutory audit compliance is not optional — it's a legal necessity.
Documents Required
Here's a quick list of documents typically needed:
- Financial statements (Balance Sheet, Profit & Loss Account, Cash Flow Statement)
- Trial balance
- Bank statements and reconciliation
- Purchase and sales invoices
- Fixed asset register
- GST returns and Income Tax returns
- Details of loans and borrowings
- Statutory registers (if applicable)
Timeline & Process
1
Pre-Audit Preparation
2
Audit Planning
3
Fieldwork
4
Reporting
5
Filing & Compliance
Timeline: Usually takes 2-4 weeks depending on the size and complexity of the business.
Statutory Audit Services in Rewa
Looking for reliable and professional Statutory Audit Services in Rewa? At Smart Tax Idea, we specialize in audit and assurance services for private limited companies, LLPs, and corporate entities. Our expert Chartered Accountants ensure full compliance with statutory laws, helping you avoid penalties and maintain investor confidence.
💼 Why Choose Us?
Experienced CA professionals
End-to-end audit support
Timely delivery and ROC compliance
Local presence with deep understanding of Rewa's business ecosystem
Frequently Asked Questions About Statutory Audits
A statutory audit is mandatory for certain business entities as per Indian laws, especially under the Companies Act, 2013. The following entities are required to undergo a statutory audit:
- All companies (Private Limited, Public Limited, One Person Company) – regardless of turnover
- LLPs (Limited Liability Partnerships) – if:
- Turnover exceeds ₹40 lakhs or
- Capital contribution exceeds ₹25 lakhs
- Other businesses or entities as required under specific industry regulations (e.g., banks, insurance companies, co-operative societies)
Even if you're not legally required to undergo a statutory audit, some companies opt for it voluntarily to boost credibility and investor confidence.
A Statutory Auditor is an independent Chartered Accountant or audit firm appointed to examine a company's financial records and give an opinion on whether the financial statements are:
- True and fair
- Compliant with accounting standards and laws
- Free from material misstatements or fraud
- The statutory auditor:
- Reviews financial records, tax returns, and other relevant documents
- Prepares the Statutory Audit Report
- Assists in identifying financial irregularities or risk areas
- Submits audit findings to the company and in some cases to regulatory authorities like the Registrar of Companies (ROC)
You need to keep the following financial statements ready:
- Balance Sheet
- Profit & Loss Account
- Cash Flow Statement
- Notes to Accounts These help auditors assess your company’s financial position and compliance.
Is a trial balance necessary for a statutory audit?
- Balance Sheet
- Profit & Loss Account
- Cash Flow Statement
- Notes to Accounts These help auditors assess your company’s financial position and compliance.
What is the Difference Between Statutory Audit and Full Audit?
| # | FEATURE | STATUATORY AUDIT | FULL AUDIT |
|---|---|---|---|
| 1 | Purpose | Mandatory by law for eligible entities | May be voluntary or mandatory, depending on the organization |
| 2 | Scope | Defined by statutes and legal standards | Broader and can be customized |
| 3 | Legal Requirement | Yes (e.g., under Companies Act) | Not necessarily, unless required by stakeholders or agreements |
| 4 | Focus | Compliance with laws and true view of financials | Overall health check — financial, operational, and risk-based |
| 5 | Conducted by | Chartered Accountant registered with ICAI | Can be conducted by internal or external auditors |
What is the difference between statutory audit and Internal Audit ?
| # | FEATURE | STATUATORY AUDIT | INTERNAL AUDIT |
|---|---|---|---|
| 1 | Purpose | Legal compliance and assurance to external stakeholders | Operational efficiency, risk management, internal control evaluation |
| 2 | Mandatory For | Companies under Companies Act, LLPs beyond limits | Listed companies and some large private companies (as per Section 138) |
| 3 | Perfored By | External, independent auditors | Internal team or outsourced but reports to management |
| 4 | Reporting | To shareholders and ROC | To management and Board of Directors |
| 5 | Focus | Accuracy of financial statements and compliance | Process improvement and risk identification |