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AUDIT REPORT FY 23-24

Dikshay Chandaliya (43 Points)

06 August 2024

I REQUIRE AUDIT REPORT FORMAT FOR PRIVATE LIMITED COMPANY FOR FY 23-24. KINDLY PROVIDE US THE SAME.

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Asha Kanta Sharma (Manager - Finance & Accounts) (36355 Points)
Replied 07 August 2024

An audit report for a private limited company is a formal document prepared by the company’s auditor, providing an opinion on the financial statements for the fiscal year. Below is a sample format of an audit report for a private limited company for the fiscal year 2023-24. Note that this is a general template and should be customized to fit the specific circumstances and requirements of the company.

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### [Company’s Letterhead]

**INDEPENDENT AUDITOR’S REPORT**

To the Members of [Company Name]
[Company Address]
[City, State, ZIP Code]

**Report on the Financial Statements**

**Opinion**

We have audited the financial statements of [Company Name] (“the Company”), which comprise the Balance Sheet as at [March 31, 2024], the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information (collectively referred to as “the financial statements”).

In our opinion, the accompanying financial statements give a true and fair view of the state of affairs of the Company as at [March 31, 2024], and of its profit and cash flows for the year ended on that date in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India.

**Basis for Opinion**

We conducted our audit in accordance with the Standards on Auditing (SAs) prescribed under Section 143(10) of the Companies Act, 2013. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

[Descripttion of Key Audit Matters, if any]

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

The Company’s Management is responsible for the preparation and fair presentation of these financial statements in accordance with Ind AS and other accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

**Auditor’s Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not absolute assurance that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.
- Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

**Report on Other Legal and Regulatory Requirements**

1. As required by the Companies (Auditor’s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Companies Act, 2013, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Ind AS prescribed under Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the directors as on [March 31, 2024] and taken on record by the Board of Directors, none of the directors is disqualified as on [March 31, 2024] from being appointed as a director in terms of Section 164 (2) of the Companies Act, 2013.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

**For [Auditor’s Firm Name]**
**[Auditor’s Signature]**
**[Name of the Auditor]**
**[Designation]**
**[Membership Number]**
**[Firm Registration Number]**
**[Address of the Auditor]**
**[City, State, ZIP Code]**
**[Date]**

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**Annexure A**: Report on the Companies (Auditor’s Report) Order, 2020

**Annexure B**: Report on Internal Financial Controls

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Make sure to adjust this template according to the specific circumstances of the company and the regulatory requirements applicable. Consulting with a professional auditor or accounting firm is highly recommended to ensure accuracy and compliance with all relevant standards and regulations.