AUDIT REPORT FORMAT OF LIMITED LIABILITY PARTNERSHIP
Is Audit Report required for LLP?
In case total turnover of the Limited Liability Identification Number/ Foreign Limited Liability Identification Number exceeds Rs. 40 lakhs or partner’s obligation of contribution exceeds Rs. 25 lakh, then the LLP/ FLLP is required to get it’s accounts audited by a Chartered Accountant.
Below is Format of Audit Report Format of Limited Liability Partnership for reference:
INDEPENDENT AUDITOR’S REPORT
The Partners of
Report on the Financial Statements
We have audited the financial statements of ___________________ LLP (“the LLP”), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the LLP in accordance with Accounting Standards and accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the LLP’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanations given to us. the financial statements are prepared, in all material aspects, in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the LLP as at 31st March, 2019; and
(b) and the Statement of Profit and Loss for the profit of the LLP for the year ended on that date.
Firm Regn No – _________
Membership No : _______
Place : Faridabad
UDIN : ________
Disclaimer : This is just a draft Audit report format and not something prescribed by any Act.
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