This discussion clarifies the audit requirements for One Person Companies (OPCs). It explains that statutory audit is mandatory for OPCs regardless of turnover, distinguishing it from tax audits under the Income Tax Act and GST. The conversation also covers the documentation required for a statutory audit, such as bank statements and invoices, and addresses common concerns about auditor fees and the audit process.
Just to add ,for companies there is no need of tax audit u/s 44AB because statutory audit under companies act is so comprehensive that it also includes taxation aspects ,IT Department relay on it and you can file ST audit at portal before filing ITR ...