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CORAA for companies · Self-prepared financial statements

Your own balance sheet, with the proof behind every number.

Whatever happens to audit rules, someone has to stand behind the accounts. CORAA helps your finance team close the books, tie them to GST, TDS and payroll returns, map them to Schedule III, and keep the evidence for every balance.

Where the rules stand

An audit exemption is proposed, and it is not law yet.

Clause 44 of the Corporate Laws (Amendment) Bill, 2026 would add a new sub-section (12) to Section 139 of the Companies Act, 2013. It would let the Government exempt prescribed classes of companies from appointing an auditor. The Bill does not set a size limit; that is left to rules. As of the latest reports we found, the Bill was still pending after a Joint Parliamentary Committee reported on 3 August 2026, recommending that the exemption be limited to private companies.

What stays the same. An exemption from the audit is not an exemption from the accounts. Companies would still keep books, prepare Schedule III statements, have the directors approve them, and file them. Other laws, such as a tax audit under section 44AB and lender or investor requirements, are separate. Facts checked 16 October 2026 from secondary sources; confirm against the Bill and the MCA.

What it takes

Statements you can stand behind.

Reliable self-prepared accounts come from a few habits done well, every year, not from one big push at year-end.

Books
A clean close
Cut-off, accruals, prepayments and provisions. Most errors in self-prepared accounts are timing errors, so this is where the year is won or lost.
Balances
Every balance reconciled
Bank accounts, debtors, creditors and fixed assets tied to a statement, a confirmation or a register, with old reconciling items cleared.
Returns
Books tied to returns
GST against GSTR-2B and returns, TDS against Form 26AS and AIS, and PF, ESI and PT challans against payroll. A gap is a liability you have not recorded.
Format
Mapped to Schedule III
Each ledger sits in the right line of the balance sheet and profit and loss, with the notes the format asks for.
Sense check
Ratios that explain themselves
A ratio that jumped is often an error. Look at why before you sign.
Evidence
A file for every number
The reconciliation, the confirmation, the working. If a lender, investor or tax officer asks, the file answers.
Start today

Free tools to try before you need them.

Free tool
Schedule III mapping validator
Check your trial balance is mapped to the right lines.
Free tool
Cash flow statement builder
Build the cash flow statement from your balance sheet movements.
Free tool
Schedule III ratio calculator
Compute the required ratios and spot the ones that moved.
Free tool
Schedule II depreciation calculator
Recompute depreciation on the asset register.
Free tool
MSME 43B(h) checker
Check the 45-day payment position on MSME creditors.
Free tool
Small company checker
See whether the company meets the small-company limits.
Trial balance to Schedule III, step by step: see our guide with linked Excel formulas.
Books tied to GST, TDS and PF, ESI and PT returns with our reconciliation agents.
An evidence file for every balance, ready for a lender, investor or tax officer.
Questions

Frequently asked.

No. As far as we can tell, nothing exempting companies from appointing an auditor is in force. The idea is a proposal in Clause 44 of the Corporate Laws (Amendment) Bill, 2026. Check the current position with the MCA before you plan around it.
It would add a sub-section (12) to Section 139 of the Companies Act, letting the Government exempt prescribed classes of companies from appointing an auditor. The Bill does not set the size limit. That is left to rules.
Yes. The proposal concerns the auditor. Books of account, Schedule III statements, board approval and filing would still be needed, and the directors who sign stay accountable for them.
Section 44AB sits under the Income-tax Act and does not depend on Section 139. Check your own limits. Lenders and investors may also ask for audited accounts.
No. This page is about preparing reliable statements. Whether to appoint an auditor is for your board and advisers to decide, once the rules are known.
Be ready

Know your numbers, whatever the rules become.

Tell us how your books are kept today and we will show you where the gaps are.

Talk to us