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Auditor appointment by LLP
can anyone please share the format for appointment of auditor by LLP
Replies (1)
| Here is the complete position on LLP audit and auditor appointment: 1. Audit Mandatory? Under Rule 24 of LLP Rules, 2009, audit of accounts is mandatory only if: - Annual turnover exceeds Rs. 40 lakh (in any financial year), OR - Capital contribution exceeds Rs. 25 lakh. Below both thresholds: Audit is NOT mandatory (self-certification of accounts is sufficient). 2. Who Can be Appointed: Only a practising Chartered Accountant (holding COP) or a firm of CAs can be appointed as statutory auditor of an LLP. Company Secretaries or Cost Accountants cannot audit LLP accounts for statutory purposes. 3. Appointment Process: - First auditor must be appointed by the designated partners within 30 days of incorporation. - Subsequent auditors are appointed by the partners/management at the time of filing of annual accounts. - There is no formal MCA form for LLP auditor appointment (unlike ADT-1 for companies) — the appointment is by resolution of designated partners. 4. Annual Filing: All LLPs must file Form 11 (Annual Return) by 30th May and Form 8 (Statement of Account & Solvency) by 30th October every year — audit report to be attached with Form 8 if audit is applicable. 5. Penalty for Non-compliance: Non-filing or non-audit (when required) attracts penalty under LLP Act — Rs. 100/day for delay in annual filings. |
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