The old Companies Rules 2014 wanted all the companies to prepare and file an annual return which contains information that pertains to the company at the end of every financial year.
As per the Companies Act, it is mandatory for private limited, one person and limited companies to appoint a professional auditor and conduct an audit of the accounts of the company annually.
It is mandatory for all private limited, one person or limited companies to maintain a book of accounts as per the norms of Companies Act and the accounts are to be audited.