Audit report format for LLP

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All about Limited Liability Partnership Audit Report

LLP audit report format 2024

Audit Requirements under LLP Act, 2008, and Rules thereunder for the FY 2023-24
  • LLP Act 2008: Mandates that LLP accounts be audited in accordance with the rules prescribed under the LLP Rules 2009.
  • LLP Rules 2009: Rule 24 outlines the requirements for LLP audits, including the exemption for LLPs with turnover below 40 lakhs or contribution below 25 lakhs.
  • Proviso to Rule 24: Allows LLPs with turnover or contribution below the specified limits to opt for an audit if their partners decide to do so.
  • Auditing Standards: Auditors of LLPs must adhere to the Auditing Standards issued by the Auditing & Assurance Standards Board of ICAI.

Therefore, LLPs in India are generally required to have their accounts audited, with certain exemptions for smaller LLPs. The audit must be conducted in accordance with the prescribed rules and auditing standards to ensure the accuracy and reliability of the financial statements. 

For your ease reference attached herewith draft LLP audit report format: LLP audit report format

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Please note that the provided draft format is a general template and may not be suitable for all LLPs. It's essential to consult with a qualified chartered accountant to ensure the audit report complies with applicable laws, regulations, and accounting standards. The draft audit report shared in this blog post is intended for informational purposes only and should not be considered as professional advice or a substitute for consulting with a qualified chartered accountant. Kindly share your feedback. 

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