{"id":14593,"date":"2023-08-28T11:13:50","date_gmt":"2023-08-28T11:13:50","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=14593"},"modified":"2024-05-08T06:08:55","modified_gmt":"2024-05-08T06:08:55","slug":"statutory-audit-applicable-for-law-firms","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-applicable-for-law-firms\/","title":{"rendered":"Is statutory audit applicable for the Law firm?"},"content":{"rendered":"<h2 style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"96\" height=\"46\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 96px) 100vw, 96px\" \/><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Yes, a statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009.\\r\\n\\r\\nThe audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India. The audit report must be filed with the Registrar of Companies within six months of the end of the financial year.\\r\\n\\r\\nThe statutory audit report is required to verify the accuracy of the law firm's accounts and to ensure that the law firm has complied with the applicable laws and regulations. The audit report will also look at the law firm's internal controls over its financial reporting.\\r\\n\\r\\nIf the law firm fails to get its accounts audited, it will be liable to a penalty of Rs. 1 lakh.\\r\\n\\r\\nHere are some of the benefits of getting a statutory audit for a law firm:\\r\\n\\r\\n \u2022 It can help to ensure that the law firm's accounts are accurate and reliable.\\r\\n \u2022 It can help to identify any areas where the law firm can improve its internal controls over its financial reporting.\\r\\n \u2022 It can help to protect the law firm from legal action.\\r\\n \u2022 It can help to improve the law firm's credibility with its clients and other stakeholders.\\r\\nIf you are a law firm and you are unsure whether you are required to get your accounts audited, you should consult with a chartered accountant.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Statutory Audit Applicable for Law Firms<img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/36.1-660x371.jpg\" alt=\"Statutory Audit Applicable for Law Firms\" width=\"203\" height=\"114\" \/><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Yes, a statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009.\\r\\n\\r\\nThe audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India. The audit report must be filed with the Registrar of Companies within six months of the end of the financial year.\\r\\n\\r\\nThe statutory audit report is required to verify the accuracy of the law firm's accounts and to ensure that the law firm has complied with the applicable laws and regulations. The audit report will also look at the law firm's internal controls over its financial reporting.\\r\\n\\r\\nIf the law firm fails to get its accounts audited, it will be liable to a penalty of Rs. 1 lakh.\\r\\n\\r\\nHere are some of the benefits of getting a statutory audit for a law firm:\\r\\n\\r\\n \u2022 It can help to ensure that the law firm's accounts are accurate and reliable.\\r\\n \u2022 It can help to identify any areas where the law firm can improve its internal controls over its financial reporting.\\r\\n \u2022 It can help to protect the law firm from legal action.\\r\\n \u2022 It can help to improve the law firm's credibility with its clients and other stakeholders.\\r\\nIf you are a law firm and you are unsure whether you are required to get your accounts audited, you should consult with a chartered accountant.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Yes, <\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Yes, a statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009.\\r\\n\\r\\nThe audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India. The audit report must be filed with the Registrar of Companies within six months of the end of the financial year.\\r\\n\\r\\nThe statutory audit report is required to verify the accuracy of the law firm's accounts and to ensure that the law firm has complied with the applicable laws and regulations. The audit report will also look at the law firm's internal controls over its financial reporting.\\r\\n\\r\\nIf the law firm fails to get its accounts audited, it will be liable to a penalty of Rs. 1 lakh.\\r\\n\\r\\nHere are some of the benefits of getting a statutory audit for a law firm:\\r\\n\\r\\n \u2022 It can help to ensure that the law firm's accounts are accurate and reliable.\\r\\n \u2022 It can help to identify any areas where the law firm can improve its internal controls over its financial reporting.\\r\\n \u2022 It can help to protect the law firm from legal action.\\r\\n \u2022 It can help to improve the law firm's credibility with its clients and other stakeholders.\\r\\nIf you are a law firm and you are unsure whether you are required to get your accounts audited, you should consult with a chartered accountant.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009.<\/span><\/p>\n<p>The audit must be conduct by a chartered accountant who registered with the Institute of Chartered Accountants of India.<\/p>\n<p>The audit report must be file with the Registrar of Companies within six months of the end of the financial year.<\/p>\n<p>Statutory audit report is requir to verify the accuracy of the law firm&#8217;s accounts and to ensure that the law firm has comply with the applicable laws and regulations.<\/p>\n<p>The audit report will also look at the law firm&#8217;s internal controls over its financial reporting.<\/p>\n<p>If the law firm fails to get its accounts audited, it will be liable to a penalty of Rs. 1 lakh.<\/p>\n<p><strong>Here are some of the benefits of getting a statutory audit for a law firm:<\/strong><\/p>\n<ul>\n<li>It can help to ensure that the law firm&#8217;s accounts are accurate and reliable.<\/li>\n<li>It can help to identify any areas where the law firm can improve its internal controls over its financial reporting.<\/li>\n<li>It can help to protect the law firm from legal action.<\/li>\n<li>It can help to improve the law firm&#8217;s credibility with its clients and other stakeholders.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>To visit: <a href=\"https:\/\/www.mca.gov.in\/\">https:\/\/www.mca.gov.in\/<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/36.1.1.jpg\" alt=\"Statutory Audit Applicable for Law Firms\" width=\"201\" height=\"146\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>For further details access our website: <a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Statutory Audit Applicable for Law Firms &nbsp; Yes, Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009. The audit must be conduct by a chartered accountant who registered with the Institute\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-applicable-for-law-firms\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":15410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1459,2459],"tags":[1232,3167,2311],"class_list":["post-14593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finance","category-statutory-audit","tag-financialtransparency","tag-lawfirm","tag-statutoryaudit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Statutory Audit Applicable for Law Firms\/ Article\/ VibrantFinserv-<\/title>\n<meta name=\"description\" content=\"Yes, Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. 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