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Statutory audit & tax audit

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(Querist)
19 December 2012 Hi Friends,
I want to know is it mandatory for every company to conduct Statutory Audit and for every company having turnover exceeding Rs 60 lacs to have tax audit

and what are the Auditor's reports under both audit

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GJCo

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GJCo (Expert)
19 December 2012 Statutory audit of every company is mandatory vide section 224(1) of the Companoes Act, 1956.

Tax audit of the company is mandatory in case the turnover exceeds Rs 60 lacs.

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