First Year Audit of Pvt Ltd Company

Stat Audit 126 views 2 replies

CA Shashikant Lonikar

Practice

85 Points Joined October 2007

Hi All,

Can someone share the various requirements to be taken care of under Companies Act 2013 for first year annual closing of a Private Limited company. I would appreciate If a template is shared for all the requirements.

Thanks in advance

Replies (2)

Rama chary Rachakonda

Master in Accounts & high court Advocate

8756 Points Joined December 2011

For the first year annual closing of a Private Limited Company under the Companies Act 2013, several requirements must be met. Here's a breakdown of the necessary compliances: Mandatory Compliances - *Board Meeting (BM)*: The first BM should be held within 30 days of incorporation, with at least four BMs held every year, and a maximum gap of 120 days between two consecutive meetings.¹ - *Annual General Meeting (AGM)*: The first AGM must be held within nine months of the financial year-end, with subsequent AGMs held within six months of the financial year-end, and a maximum gap of 15 months between two AGMs. - *Appointment of Statutory Auditor*: The statutory auditor must be appointed within 30 days of incorporation and subsequently at the AGM. - *Filing of Income Tax Returns*: The company must file its income tax return with the Income Tax Department within the due date. - *Director's Identification Number (DIN) KYC*: Every director must file Form DIR-3 KYC with the ROC, submitting KYC details for every financial year. Annual Filings with ROC - *AOC-4*: File the company's financial statements within 30 days of the AGM. - *MGT-7*: File the annual return within 60 days of the AGM. - *DPT-3*: File the return of deposits, if applicable, by June 30th every year. Other Compliances - *Disclosure of Director's Interest*: Directors must give notice of interest in any other entity in Form MBP-1 to the company every year in its first Board Meeting. - *Certificate of Commencement of Business*: File Form INC-20A for the Certificate of Commencement of Business within 180 days of incorporation. Please note that additional compliances may be required based on specific events or circumstances. It's recommended to consult a professional or chartered accountant to ensure accurate interpretation and application of the Companies Act 2013. Unfortunately, I couldn't find a template that meets your requirements. However, you can use the above information to create your own checklist or template.

CA Niyati Soni

PROPRIETOR

862 Points Joined November 2012

Requirement Area	Descripttion	Due Date / Frequency
Financial Statements	Preparation of Balance Sheet, Profit & Loss A/c, Cash Flow, Notes as per Schedule III.	Year-end
Board Meetings	Minimum 4 board meetings annually. Maintain minutes and attendance records.	Quarterly / As required
Annual General Meeting (AGM)	AGM to be held within 9 months from the end of financial year (not mandatory for 1st FY if FY < 9 months).	Within 9 months of FY end (if required)
Statutory Audit	Appoint a statutory auditor and complete audit of financial statements.	Before AGM / Filing
Filing of Financial Statements (AOC-4)	File AOC-4 within 30 days from date of AGM (if held) or within 180 days from FY end (if no AGM).	Within 30 days of AGM or 180 days of FY end
Filing of Annual Return (MGT-7)	File MGT-7 within 60 days from the date of AGM (if held).	Within 60 days of AGM
Director’s Report	Prepare and attach Director’s Report with AOC-4. Cover operations, CSR (if applicable), financials, etc.	Along with AOC-4
ROC Compliance	Ensure all ROC forms are filed and registers updated (Register of Members, Share Transfer, etc.).	Ongoing / Annual
Income Tax Filing	File ITR-6 with Income Tax Department before due date (generally 30th Sept if audit applicable).	30th September (for audited companies)
Form ADT-1 (Auditor Appointment)	File ADT-1 within 15 days of auditor appointment.	15 days from auditor appointment
Register Maintenance	Maintain statutory registers like Register of Directors, Members, Charges, etc.	Ongoing maintenance
Disclosure of Interest by Directors (MBP-1)	Obtain MBP-1 disclosures from all directors at first board meeting of the financial year.	First Board Meeting each FY
DIR-8 (Declaration by Directors)	Obtain DIR-8 declarations from directors that they are not disqualified under section 164(2).	First Board Meeting each FY
Form DPT-3 (Return of Deposits)	To be filed if company has received money not considered as deposit.	By 30th June following FY end
Form MSME-1 (If applicable)	Applicable for companies with outstanding dues to MSMEs for more than 45 days.	Half yearly: April & October
CARO Applicability	Check applicability of CARO 2020 for statutory audit reporting.	As per audit planning