Dear all,
Like in Income Tax Act,if a turnover of business exceeds the specified limit mentioned in the sec-44AB, similarly is there any provision or criteria for companies to get audit?or else every company has to go for audit irrespective whether it is pvt or public ltd?
Only in case of LLP there is a provision like that.
| Originally posted by : Prashanth | ||
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Dear all, Like in Income Tax Act,if a turnover of business exceeds the specified limit mentioned in the sec-44AB, similarly is there any provision or criteria for companies to get audit?or else every company has to go for audit irrespective whether it is pvt or public ltd? |
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Every company, both private and public, registered in India has to get his accounts audited from a chartered accountant every year as per the companies act 1956.
As per the companies act 1956 every company has to get it books audited. If this claues would not been there, than there would be no control over the companies by the goverment.
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