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As according to the provisions provided under the Limited Liability Partnership rules every company needs to go through auditing.

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  • Complete solution for starting a Nidhi Company, including incorporation of limited company, issue of shares and obtaining Nidhi status.

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What is the need of Audit in LLP ?

If the partners do not go for auditing they need to account for the LLP statement which gives the Statement of Account.

Appointing an Auditor

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Step 1

The Auditing has to start 30 days before the beginning of the next Financial Year which is before 1st March of every Year. The auditor for the same needs to be appointed before the end of the first financial year.

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Step 2

The partners designated has the duty to appoint the auditor in the company

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Step 3

And if that doesn’t happen, the partners of the company appoints the auditor

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Step 4

The auditor is appointed in the office until the new auditor gets appointed in case the partners have given a notice against the appointment of the existing auditor.

Process of Auditing

  • 1

    A practicing Chartered Accountant can be the Auditor of the company.

  • 2

    The auditor needs to write a written consent for agreeing to the criteria given in Section 141 of the company.

  • 3

    After this letter is received the board of director appoints a resolution to appoint the Auditor

  • 4

    The auditor then needs to audit the accounts before the end of the each financial year.

Frequently Asked Questions:

Is every LLP liable to maintain the file accounts?

Yes, every company is obligated to maintain the file accounts in the company which are sincere and depict the true state of the company

Can registrar call for information from LLP?

Yes, the registrar has the power to obtain the information of various documents in an LLP.

Compare your Options

Comparison of Popular Company Registration Options

All Features

Price

  • Recommended for
  • Venture Capital Funding
  • Limited Liability Protection
  • Dividend Tax
  • Deposits from public
  • Share Listing in Stock Exchange
  • Credibility

Public Limited

₹37899

  • Growth Stage and also for early stage with broad business vision
  • 10/10

Private Limited

₹12999

  • Early-stage entrepreneurs with broad business vision
  • 7/10

Limited Liability Partnership

₹7999

  • Professional service firms
  • 5/10

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