Requirement of Statutory Auditor
This query is : Resolved
komal ameta
(Querist)
19 October 2024
MentorsWorld Ventures Pvt. Ltd. is looking to appoint to statutory auditor, based from Ahmedabad. MentorsWorld is a management consultancy firm, registered in Ahmedabad, and will be mentoring Startup, and consulting companies on business decision-making, corporate governance and conduct of business. The website is www.mentorsworld.org. Please check the Avenues section to know more.
Promoters - Dr. Deepti Bhandari (www.drdeepti.org) & YogiGuru Saugaato (www.yogiguru.life)
Promoters - Dr. Deepti Bhandari (www.drdeepti.org) & YogiGuru Saugaato (www.yogiguru.life)
12 August 2025
For MentorsWorld Ventures Pvt. Ltd. — a management consultancy firm registered in Ahmedabad — here’s a quick guide on the requirement of appointing a Statutory Auditor under the Companies Act, 2013:
Statutory Auditor Appointment Requirements
Applicability:
Every company registered under the Companies Act, 2013 must appoint a statutory auditor.
This applies irrespective of the company’s size or business nature, including management consultancy firms.
First Auditor Appointment:
If the company is a newly incorporated private limited company, the Board of Directors must appoint the first statutory auditor within 30 days of incorporation.
The first auditor holds office until the conclusion of the first Annual General Meeting (AGM).
Subsequent Appointment:
At the first AGM, the company must appoint an auditor who will hold office until the conclusion of the next AGM.
Thereafter, the appointment is done by the shareholders at the AGM.
Qualification of Auditor:
The auditor must be a Chartered Accountant (CA) or a firm of CAs registered with the Institute of Chartered Accountants of India (ICAI).
If you want an auditor based in Ahmedabad, look for CA firms registered and practicing there.
Term:
The auditor appointed in the first AGM will hold office from that AGM till the conclusion of the sixth AGM, subject to ratification every year by the shareholders.
Filing Requirement:
Appointment of statutory auditor must be filed with the Registrar of Companies (ROC) via Form ADT-1 within 15 days of the appointment.
Additional Points for MentorsWorld Ventures Pvt. Ltd.
Since it is a private limited company engaged in consulting, it definitely requires a statutory auditor.
The auditor’s scope will include:
Statutory audit of annual financial statements.
Ensuring compliance with applicable laws and accounting standards.
Possibly GST audit or other regulatory audits depending on operations.
Next Steps
Identify a qualified CA/firm in Ahmedabad.
Board to pass a resolution to appoint the auditor.
File the appointment with ROC.
Auditor to audit and certify financials as per law.
Statutory Auditor Appointment Requirements
Applicability:
Every company registered under the Companies Act, 2013 must appoint a statutory auditor.
This applies irrespective of the company’s size or business nature, including management consultancy firms.
First Auditor Appointment:
If the company is a newly incorporated private limited company, the Board of Directors must appoint the first statutory auditor within 30 days of incorporation.
The first auditor holds office until the conclusion of the first Annual General Meeting (AGM).
Subsequent Appointment:
At the first AGM, the company must appoint an auditor who will hold office until the conclusion of the next AGM.
Thereafter, the appointment is done by the shareholders at the AGM.
Qualification of Auditor:
The auditor must be a Chartered Accountant (CA) or a firm of CAs registered with the Institute of Chartered Accountants of India (ICAI).
If you want an auditor based in Ahmedabad, look for CA firms registered and practicing there.
Term:
The auditor appointed in the first AGM will hold office from that AGM till the conclusion of the sixth AGM, subject to ratification every year by the shareholders.
Filing Requirement:
Appointment of statutory auditor must be filed with the Registrar of Companies (ROC) via Form ADT-1 within 15 days of the appointment.
Additional Points for MentorsWorld Ventures Pvt. Ltd.
Since it is a private limited company engaged in consulting, it definitely requires a statutory auditor.
The auditor’s scope will include:
Statutory audit of annual financial statements.
Ensuring compliance with applicable laws and accounting standards.
Possibly GST audit or other regulatory audits depending on operations.
Next Steps
Identify a qualified CA/firm in Ahmedabad.
Board to pass a resolution to appoint the auditor.
File the appointment with ROC.
Auditor to audit and certify financials as per law.
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