Independent Audit Services in Delhi
Lenders, investors, government departments, and regulators all place more weight on financial statements examined by an independent, external auditor than on figures prepared solely by internal management. Justsetu LLP conducts independent audits for companies, LLPs, trusts, societies, and NGOs — examining financial records objectively against applicable accounting standards and reporting requirements, and issuing a signed audit report and opinion that stakeholders can rely on.
What Is an Independent Audit?
An independent audit is an examination of an organisation’s financial statements and underlying records by a Chartered Accountant who has no operational involvement in the entity, conducted to form an objective opinion on whether the financial statements present a true and fair view, in accordance with applicable accounting standards and statutory requirements. It differs from an internal audit, which is typically performed by or for management to improve internal controls rather than to give an external, independent opinion.
Who Needs an Independent Audit
Every company incorporated under the Companies Act requires a statutory audit each year regardless of turnover; LLPs require an audit once turnover or contribution crosses the prescribed threshold; trusts and societies often require an audit as a condition of 12A/80G registration or FCRA compliance once income exceeds the exemption limit; and many businesses voluntarily commission an independent audit to satisfy bank loan covenants, investor due diligence, or franchisor/principal reporting requirements even where not legally mandatory.
Documents Required
- Books of account (ledgers, cash book, bank statements).
- sales and purchase registers.
- fixed asset register.
- bank reconciliation statements.
- statutory registration certificates (GST, PF, ESIC, as applicable).
- prior year’s audited financial statements and audit report.
- supporting vouchers/invoices for material transactions selected for verification.
Process & Timeline
- Planning the audit scope, materiality thresholds, and areas of focus based on the entity’s nature and prior-year observations.
- Verifying transactions, testing internal controls, and confirming balances (bank, debtors, creditors) through independent evidence.
- Reviewing compliance with applicable accounting standards and statutory disclosure requirements.
- Discussing observations and any qualifications with management before finalising.
- Issuing the signed audit report along with the audited financial statements; timelines depend on the size and complexity of the entity and the state of the underlying books.
Why Justsetu LLP
We flag control weaknesses and compliance gaps we find during the audit as a management letter, not just a qualified opinion buried in the report — so you get something actionable, not just a compliance formality.
Frequently Asked Questions
Yes, every company registered under the Companies Act must have its accounts audited annually by a Chartered Accountant, regardless of turnover or whether it did any business during the year.
An LLP requires a statutory audit once its annual turnover exceeds ₹40 lakh or its capital contribution exceeds ₹25 lakh.
A statutory audit is an independent, externally mandated examination reporting to shareholders/stakeholders under law, while an internal audit is typically commissioned by management itself to improve internal controls and risk management.
Banks, investors, franchisors, and larger clients often require audited financial statements as part of loan covenants, investment due diligence, or vendor empanelment, even where statutory audit is not otherwise mandatory for that entity type.
It means the auditor found specific matters that prevent them from stating the financial statements give a true and fair view in every respect, and these matters are explicitly described in the audit report.
It depends on the size and complexity of the business and the readiness of its books — a straightforward small business audit can be completed in a few weeks, while larger or more complex entities take longer.
Yes, once income exceeds the basic exemption limit before applying exemption, an audit report (Form 10B/10BB) must be filed along with the income tax return, and many donors and grant-giving bodies require audited accounts regardless.
Complete books of account, bank statements and reconciliations, sales/purchase registers, fixed asset details, and supporting documentation for major transactions — the more organised these are, the faster and smoother the audit.
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