Partnership Firm Audit: Tax Audit and Bank-Required Audit, UDIN on the Report

No. The Partnership Act does not require one. A tax audit applies above the limits, and a bank may ask for audited accounts.

Remuneration and interest to partners are deductible only within limits and if authorised by the deed. We test this as part of the tax audit.

Conversion changes the compliance structure, and an LLP has its own audit thresholds. We can discuss the effect on audit before you decide.

It is mandatory for every listed company. An unlisted public company needs one if paid-up capital is Rs 50 crore or more, turnover is Rs 200 crore or more, bank or financial-institution borrowings exceed Rs 100 crore, or deposits are Rs 25 crore or more. A private company needs one if turnover is Rs 200 crore or more or borrowings from banks and financial institutions exceed Rs 100 crore, tested on the preceding financial year. Smaller businesses can adopt it voluntarily, and some lenders and investors ask for it.

No. Section 144 of the Companies Act bars a company's auditor from providing certain services to that company, including accounting and book-keeping, internal audit and design of financial information systems. We tell you this upfront so you do not end up with a conflict that a regulator or lender can challenge. If you need one of those services, we can arrange it through a separate engagement for a company we do not audit.

Trial balance or the full accounting data file, bank statements and bank reconciliations, sales and purchase registers, GST returns and reconciliations, TDS returns and challans, fixed asset register, loan and borrowing confirmations, stock records, and the previous year's audited financials. Statutory records such as the minute book and registers are needed for companies. We send a checklist after the first call so you only collect what applies to you.

The main driver is how complete and reconciled your books are when we start. Clean books with bank reconciliations done move quickly, while backlog, missing vouchers or unreconciled GST and TDS add time. After reviewing your trial balance and documents, we give you a timeline in writing before you commit.

The ICAI does not prescribe audit fees. The fee depends on turnover, transaction volume, number of locations or branches, state of the books, and the reporting needed, such as CARO or internal financial controls. We scope your case for free and share a written estimate. You pay only after you accept it.