On which statutory audit is apply.

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Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2014 company onle can make statutory audit and tax Tax audit.
other than company can make tax audit only.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 August 2014 In simple terms statutory audit in India is Audit under the Companies Act. Every company incorporated under the companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various consumers of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.

So statutory audit is applicable for companies only.

Tax Audit is requirement under Income Tax Act.

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