when to conduct audit

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pratik (Querist)
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05 May 2011 Please tell me when it is compulsory to conduct internal and statutory audit ?
tell me the limits above which it is necessary to conduct internal and statutory audit . please provide in detail.

Saurabh Saxena

Saurabh Saxena (Expert)
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18 May 2011 Statutory audit compulsory for all companies.

Internal audit or having an internal audit department commensurate with size and nature of business is mandatory as per CARO,2003 para IV. but there are certain limits. Limits
Turnover less than 5 crores for last year
Paid up capital less tahn 50 lakhs as per last audited balance sheet

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