when to conduct audit
This query is : Resolved
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.
tell me the limits above which it is necessary to conduct internal and statutory audit . please provide in detail.
Saurabh Saxena
(Expert)
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- Non filing of I T Returns
- SALARY CAN BE CAPITALIZE
- Capitalgain tax purposes for valuation report compulsory
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TAX AUDIT ON PROFESSIONAL INCOME
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
