Due Dates of Statutory Audit
In India, companies are required to complete their due date of statutory audit by the 30th of September in the financial year following the one under audit. For example, the due date for the statutory audit of the financial year 2022-23 is 30th September 2023.
However, there are some exceptions to this rule. For example, companies that are listed on a stock exchange have to file their audited financial statements within 60 days of the end of the financial year. And companies that are classified as small or medium enterprises (SMEs) may be exempt from statutory audit altogether, depending on their turnover and other criteria.
It is important to note that the due date for statutory audit is a statutory deadline. This means that failure to file the audited financial statements by the due date can result in penalties from the government.
Here are some of the penalties for late filing of statutory audit:
- A fine of up to Rs. 10,000 for every day of delay.
- A suspension of the company’s registration.
- A ban on the company from entering into new contracts.
To avoid these penalties, it is important to ensure that the statutory audit is completed and the audited financial statements are filed on time.
Here are some tips for complying with the due date for statutory audit:
- Appoint a qualified auditor as soon as possible after the end of the financial year.
- Provide the auditor with all the necessary information and documentation in a timely manner.
- Work with the auditor to ensure that the audit is completed on time.
- File the audited financial statements with the relevant authorities on time.
To visit: https://www.mca.gov.in/
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