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Statutory Audit compliance

This query is : Resolved 

19 October 2021 Whether Statutory audit is compulsory for companies only or other entities like partnership/proprietorship etc. Please guide?/

19 October 2021 Individual/HUF/Partnership Firm: No Statutory Audit Applicable.
LLP: Statutory Audit is Applicable only if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 lakhs
Private Limited Company/Public Limited Company: Mandatory irrespective of Turnover, Profit, etc.

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