Partnership Firm Audit.
The Indian Partnership Act, 1932 does not itself require a firm's accounts to be audited, but an audit is often needed anyway: for a tax audit once turnover or receipts cross the income-tax limits, because the partnership deed requires it, or because a bank asks. We audit the accounts and partners' balances so the figures can be relied on for tax, lending and partner settlements.
Typically 1–3 weeks after the books are closed. Transaction volume, inventory and the number of partners 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?
- Firms whose turnover or gross receipts cross the tax audit limits
- Firms whose partnership deed requires audited annual accounts
- Firms with bank working capital or term loans that need audited statements
- Firms admitting, retiring or settling accounts with partners
What you receive at the end.
- 01Audited balance sheet and profit and loss account with partners' accounts
- 02Independent auditor's report
- 03Tax audit report, where the firm is liable
- 04Observations on books, controls and compliance with the deed
Partnership Firm Audit, step by step.
Typically 1–3 weeks after the books are closed. Transaction volume, inventory and the number of partners drive the time.
- 1
Scope confirmation
We confirm why the audit is needed (tax, the deed, a lender, or all three) and agree the reports you need.
- 2
Deed and capital review
We check the deed for profit-sharing, interest on capital and partner remuneration, and verify partners' accounts against it.
- 3
Audit fieldwork
We vouch income and expenses, confirm bank and party balances, and review stock, debtors and creditors.
- 4
Adjustments and finalisation
We agree audit adjustments with the partners and finalise the balance sheet and profit and loss account.
- 5
Audit and tax reports
We sign the audit report and, where the firm is liable, the tax audit report under section 44AB of the 1961 Act for 2025-26 or section 63 of the Income-tax Act, 2025 thereafter.
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.
- Partnership deed and any amendments
- Books of account, bank statements and loan documents
- Stock statements and debtor and creditor lists
- Partners' capital, drawings, interest and remuneration details
- GST and TDS returns for the year
- Previous year's financial statements
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 Partnership Firm Audit.
Ready to discuss Partnership Firm Audit?
30-minute confidential call — no proposal, no commitment. A partner will write back within one business day.