Mandatory Statutory Audit

• Every OPC is mandatorily required to get its financial statements audited annually.
  
• This requirement applies regardless of turnover, profit, or capital.
  
• The audit ensures the company’s books of accounts present a true and fair view of its financial position.
  
• Statutory audits for OPCs follow the same principles as those for other private companies.
  
• The financial statements must include a balance sheet, profit & loss account, cash flow (if applicable), and notes to accounts.
  

Appointment of Auditor

• An OPC must appoint a Chartered Accountant in practice as the statutory auditor.
  
• The first auditor is appointed by the Board of Directors within 30 days of incorporation.
  
• The auditor can be reappointed or changed as per the provisions of the Companies Act, 2013.
  
• A written consent and eligibility declaration from the auditor are necessary for appointment.
  
• The auditor’s appointment and details must be documented and may be reported through filings, if applicable.
  

Auditor’s Report Requirements

• The auditor must issue a formal audit report addressed to the company.
  
• This report must accompany the financial statements filed with the Registrar of Companies (RoC).
  
• The report contains the auditor’s opinion on the accuracy and compliance of the company’s financials.
  
• Any observations or qualifications made by the auditor must be disclosed and explained.
  
• The report is a crucial component of annual compliance and is subject to regulatory review.
  

Record Maintenance and Access

• The OPC must maintain proper books of accounts at its registered office.
  
• These must include details of income, expenditure, assets, liabilities, and supporting vouchers.
  
• The auditor has the right to access all books, records, and explanations needed for the audit.
  
• Non-cooperation with the auditor or improper records may result in non-compliance penalties.
  
• The audit ensures transparency and legal credibility of financial operations.
  

Filing with the Registrar of Companies

• The audited financial statements must be filed in Form AOC-4 within the prescribed timeline.
  
• The form includes attachments such as the auditor’s report, financials, and board resolution (if any).
  
• Delay in filing attracts additional government fees and penalties.
  
• The RoC uses this information for monitoring, compliance, and public record.
  
• Filing of audited financials is essential to keep the OPC’s legal status active and compliant.