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Minister of State in the MSME Ministry Bhanu Pratap Singh Verma informed Parliament on Thursday that the MSME Ministry has not received any request from the cost accountants institute to allow cost and management accountants to conduct financial audit of micro, small and medium enterprises. The Institute of Cost Accountants of India, which regulates the profession of cost and management accountancy, provides coaching facilities to the students, and undertakes research programmes in the field of
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FAQ :
No, the Minister of State in the MSME Ministry stated that the ministry has not received any such request from the Institute of Cost Accountants of India.
Yes, the institute submitted a memorandum in April this year to the finance minister seeking permission for its members to conduct financial audits of MSMEs and private limited companies, among other financial activities.
The institute also sought permission for concurrent audit of banks and audit of grant-in-aid of grantee organisations/institutions, as well as tax audits under the Income Tax Act, 1961.
Yes, the NFRA sought comments from stakeholders on whether MSMEs should be exempted from mandatory statutory audits based on certain criteria and if a separate set of auditing standards is needed for them.
Yes, in the 2020 budget, the government announced that MSMEs with a turnover of up to Rs 5 crore would not require an audit, an increase from the previous Rs 1 crore limit.
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