Is aaudit compulsory?
This query is : Resolved
22 August 2011
Dear all,
Like in Income Tax Act,if a turnover of business exceeds the specified limit mentioned in the sec-44AB, similarly is there any provision or criteria for companies to get audit?or else every company has to go for audit irrespective whether it is pvt or public ltd?
Like in Income Tax Act,if a turnover of business exceeds the specified limit mentioned in the sec-44AB, similarly is there any provision or criteria for companies to get audit?or else every company has to go for audit irrespective whether it is pvt or public ltd?
Kumar Babu.G
(Expert)
22 August 2011
There is no any limit in Companies Act regarding Audit.Every company got registered under Companies Act has to get audited.
CA Navin Jain
(Expert)
22 August 2011
Statutory Audit is mandatory for companies even if there is no any transaction during the year.
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