Statutory Audit compliance
This query is : Resolved
Chaitanyaa
(Querist)
19 October 2021
Whether Statutory audit is compulsory for companies only or other entities like partnership/proprietorship etc. Please guide?/
Dhirajlal Rambhia
(Expert)
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.
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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