Statutory Audit Firm in Mumbai
A Statutory Audit is a mandatory external audit of an organization’s financial statements, conducted in accordance with applicable laws and standards. As a trusted statutory audit firm in Mumbai, JVB & Co. delivers independent, high-quality audits that not only fulfil compliance obligations but also enhance stakeholder trust and financial integrity. Our audits are designed to go beyond the checklist, offering insights into financial health, governance gaps, and opportunities to strengthen internal controls. Whether you are a growing private company, a listed entity, or a regulated institution, we ensure your financials are presented fairly, in compliance with Indian GAAP or Ind AS, and reflect a true and accurate picture of the business.
Applicability
Statutory Audit is mandated under various laws and applies to a wide range of entities:
Under the Companies Act, 2013:
- All Private Limited Companies and Public Limited Companies, regardless of turnover or capital
- One Person Companies (OPCs) (Exempted if turnover < ₹2 crore and loan < ₹1 crore)
- Small companies are also subject to audit unless specifically exempted
Limited Liability Partnerships (LLPs):
- Mandatory if turnover exceeds ₹40 lakh or capital contribution exceeds ₹25 lakh in any financial year
Partnership Firms / Sole Proprietorships (under Tax Audit):
- Covered under Section 44AB of the Income Tax Act:
- Business turnover > ₹1 crore (₹10 crore if digital transactions ≥ 95%)
- Professional receipts > ₹50 lakh
- If declaring income below presumptive rates under 44AD/44ADA and net profit is less than threshold
Trusts, Societies, and NGOs:
- Audit is required under:
- Income Tax Act (if total income before exemption exceeds basic limit)
- Societies Registration Act or Trust Acts
- For availing 12A, 80G benefits
Other Applicability
• Banks and Financial Institutions (as per RBI guidelines), including bank branch statutory audits for multi – branch compliance
• Insurance Companies (under the IRDAI Act)
• Companies planning IPOs, fundraising, or undergoing due diligence
• Foreign or multi-location companies operating in India, requiring statutory branch audits
