Applicability for statutory audit
This query is : Resolved
03 September 2011
Hello,
I need to know an applicability of Internal as well as Statutory audit for any pvt ltd company.
Kindly revert.
Thanks
Prashant
Hello,
I need to know an applicability of Internal as well as Statutory audit for any pvt ltd company.
Kindly revert.
Thanks
Prashant
03 September 2011
1) Internal audit is required if the paid up capital and reserves exceeds Rs. 50/- lakhs or the average annual turnover for three financial years exceeds Rs.5/- crores. Ref:- section 227(4A) read along with clause 4 (vii) CARO,2003.
2)(a)Statutory audit is compulsory as per companies Act,1956.
(b)Tax audit is compulsory if turn over exceds Rs. 60/- lakhs.
2)(a)Statutory audit is compulsory as per companies Act,1956.
(b)Tax audit is compulsory if turn over exceds Rs. 60/- lakhs.
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