LLP Audit.
Every limited liability partnership must have its accounts audited under the LLP Act, 2008 and the LLP Rules unless its turnover or partners' contribution is within the limits the Rules prescribe, and many smaller LLPs choose an audit anyway because banks or investors ask for one. We audit under the ICAI Standards on Auditing and report to the partners, so the audited figures can go into Form 8 and the income-tax return.
Typically 2–3 weeks after the books are closed. Transaction volume, the number of partner accounts and the speed of balance confirmations drive the time.
A partner — a chartered accountant or company secretary — from the first call to sign-off.
Based on your situation, and fixed in writing before any work starts.
Is this for you?
- LLPs that have crossed the audit limits in the LLP Rules
- Smaller LLPs whose partners, lenders or investors want audited accounts
- LLPs that also need a tax audit and want both done in one engagement
- Professional and family-business LLPs admitting or retiring partners
What you receive at the end.
- 01Independent auditor's report addressed to the partners
- 02Audited statement of assets and liabilities, statement of income and expenditure, and notes
- 03Audited figures and auditor details needed for Form 8
- 04Management letter with observations on books and controls
LLP Audit, step by step.
Typically 2–3 weeks after the books are closed. Transaction volume, the number of partner accounts and the speed of balance confirmations drive the time.
- 1
Applicability and appointment
We confirm whether the audit is mandatory for the year, and the designated partners appoint us within the time the LLP Rules allow.
- 2
Audit planning
We review the LLP agreement, capital contribution and profit-sharing terms, set materiality and identify the key risks.
- 3
Audit fieldwork
We vouch transactions, confirm bank and party balances, test revenue and expenses, and verify partners' capital and current accounts.
- 4
Findings and adjustments
We share observations and proposed adjustments with the designated partners and agree the final statement of accounts.
- 5
Audit report issue
We issue the auditor's report on the financial statements, which the designated partners then file with the Registrar in Form 8.
What we need from you.
Don't have everything yet? We send a short checklist after the first call and work with what you have.
- LLP agreement and any supplementary agreements
- Trial balance, ledgers and draft financial statements
- Bank statements and loan documents
- Partners' capital, drawings, interest and remuneration details
- GST and TDS returns for the year
- Previous year's audited accounts and Form 8 and Form 11 filings
The fee depends on your situation. After a short call, the partner who will do the work tells you what's involved and gives you a fixed fee in writing — before any work begins.
- Government fees and statutory charges are billed at actuals.
- When you pay — upfront, in stages or on completion — is agreed in writing with the fee.
Questions about LLP Audit.
Ready to discuss LLP Audit?
30-minute confidential call — no proposal, no commitment. A partner will write back within one business day.