Is a statutory audit mandatory for a One Person Company?

Yes. An OPC is a company under the Companies Act. A statutory audit by a practising Chartered Accountant is mandatory every year, even if revenue is nil.

You also file AOC-4 (financials), MGT-7A (annual return), and income tax returns. Board meetings have lighter rules than a multi-shareholder Pvt Ltd, but ROC filings do not disappear.

An OPC is useful when you want limited liability and a corporate bank account without a co-founder. It is a poor fit if you need investors soon — conversion to a private limited with multiple shareholders is an extra step.