Audit

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Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2013 what is statutory audit & to whom does it apply & is there any turnover limit for that?

Ganeshbabu K

Ganeshbabu K (Expert)
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02 July 2013 1)statutory audit is an audit conducted as per companies act..

2)tax audit to be conducted as per income tax act..applicable if turnover exceeds 1 crore or in case of professional if gross receipts exceeds 25 lakhs

3)no turnover limit for statutory audit..once company is incorporated it need to appoint statutory audit every year and get its books audited every year...no turnover limit applicable to all companies.

Thanks & regards
Ganesh babu k

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