LLP Audit Checklist — Rule 24(8) Applicability, Form 8/11, Partner Accounts
LLP AUDIT CHECKLIST
LLP: {{client_name}} · LLPIN: {{llpin}} · Year ended: {{period_end}} · Prepared by: __________ · Reviewed by: __________
Purpose: a working checklist for the audit of a Limited Liability Partnership under the LLP Act, 2008 and the LLP Rules, 2009 — applicability test, MCA filing linkages, partner accounts, remuneration under the deed, and the solvency statement. Note that the Companies Act audit apparatus (CARO 2020, Sec 143 reporting, ICFR opinion) does NOT apply to LLPs.
Part A — Audit applicability (Rule 24(8), LLP Rules 2009)
| Test | Amount (₹) | Threshold | Exceeded? (Y/N) |
|---|
| Turnover for the financial year | | > ₹40 lakh | |
| Partners' contribution (obligation of contribution per the LLP agreement) | | > ₹25 lakh | |
Audit is mandatory if EITHER threshold is exceeded. Below both thresholds the LLP is exempt, though the partners may voluntarily resolve to have the accounts audited (Rule 24(8) proviso) — where they do, record the resolution. A 'small LLP' under the LLP (Amendment) Act, 2021 is one with contribution up to ₹25 lakh and turnover up to ₹40 lakh (limits the Government may raise, up to ₹5 crore and ₹50 crore respectively) — small-LLP status reduces penalties and certification requirements but does not by itself change the audit test above.
Part B — MCA filing linkages
| Filing | Due date | Filed on | Agrees with audited figures? (Y/N) |
|---|
| Form 11 — Annual Return | 30 May following the financial year | | |
| Form 8 — Statement of Account and Solvency | 30 October following the financial year | | |
| Form 3 — LLP agreement / changes (if any during the year) | Within 30 days of the change | | |
| Form 4 — partner admissions / cessations (if any) | Within 30 days of the change | | |
- ☐ Contribution reported in Form 11 agrees with the LLP agreement and the books.
- ☐ Form 8 figures agree with the audited financial statements; the solvency declaration is signed by the designated partners.
- ☐ Additional-fee exposure for late filings quantified and reported to the partners.
Part C — Designated partners and constitution
- ☐ At least two designated partners, at least one resident in India (Sec 7, LLP Act 2008); DPINs/DINs valid and KYC-compliant.
- ☐ Current LLP agreement on file, with every supplementary deed; profit-sharing, remuneration and interest clauses extracted for Part D testing.
- ☐ Changes in partners during the year matched to Form 4 filings and to capital-account settlements.
- ☐ Registered-office and name/stationery requirements (LLPIN, registered address on invoices and letterheads) complied with.
Part D — Partner capital, current accounts, remuneration and interest
| Item | Tested (Y/N) | Observation |
|---|
| Partner-wise capital and current accounts reconciled: opening + contributions + share of profit + interest + remuneration − drawings = closing | | |
| Contribution actually brought in matches the obligation stated in the LLP agreement (Sec 32/33 — form and obligation of contribution) | | |
| Remuneration and interest paid ONLY as authorised by the LLP agreement — payments without a deed clause are not deductible | | |
| Interest to partners within the 12% p.a. ceiling of Sec 40(b)(iv) for deductibility | | |
| Remuneration within the Sec 40(b)(v) limit — w.e.f. AY 2025-26 (Finance (No. 2) Act 2024): on the first ₹6,00,000 of book profit (or in case of loss), the higher of ₹3,00,000 or 90% of book profit; on the balance of book profit, 60% | | |
| TDS under Sec 194T @10% on remuneration/interest/commission to partners above ₹20,000 in the year (effective 1 April 2025) — deducted and deposited | | |
| Drawings consistent with the deed; no negative-capital positions unexplained | | |
Part E — Books, solvency and going concern
- ☐ Books of account maintained per Rule 24 (cash/accrual double entry, at the registered office, retained for the prescribed period).
- ☐ Solvency statement in Form 8 corroborated: assets vs liabilities position, contingent liabilities disclosed, ability to pay debts as they fall due.
- ☐ Loans taken/given tested against the deed's authority clauses; charges (if any) filed with the Registrar.
- ☐ GST / income-tax registrations, returns and reconciliations reviewed (GSTR-1/3B vs books; 26AS/AIS vs receipts).
- ☐ Tax-audit applicability under Sec 44AB tested separately — the ₹40 lakh LLP-Act threshold and the 44AB thresholds are independent tests.
Part F — Audit report
The LLP audit report is an SA-compliant opinion on the financial statements addressed to the partners. There is NO CARO annexure, no Sec 143(3) reporting matrix and no ICFR opinion for an LLP — do not import company-audit boilerplate. Conclusion: ____________________________________________
| Prepared by | Reviewed by | Engagement partner |
|---|
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