Applicability for statutory audit

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Prashant (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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