Statutory audit

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Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2012 In Which Section Statutory Audit is Compulsory as per companies act, 1956???

Is it Compulsory for every Private and Public limited compay...

If it is compulsory, then what is the reason behind it..???

CA Sachin D Jain

CA Sachin D Jain (Expert)
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09 May 2012 Check section 224 of the Companies Act, 1956. The audit of a company is compulsory as there is a divide between the owner and the management of the company. The shareholders must not necessary be the directors of the Company. In order to enable the shareholders to have a control over the directors and to check any unusual utilisation of their amount invested in the Company, the statutory audit is made compulsory.

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