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Is statutory audit compulsory for private limited company?

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Is statutory audit compulsory for private limited company?

Statutory Audit as the name suggests is a compulsory audit for all companies. Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year.

What is statutory audit applicability?

For LLP: Statutory audit is applicable if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs. A practicing chartered accountant or a Chartered accountant firm or LLP can be appointed as a statutory auditor of a company.

Is statutory audit mandatory for a private company?

For Private Company/ Public Company: Mandatory irrespective of Turnover, profits etc. If the company is incurring loss even then statutory audit is required. WHO CAN BE APPOINTED AS STATUTORY AUDITOR?

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What is the difference between statutory audit and internal audit?

LLP: Statutory Audit is Applicable only if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs. Private Limited Company/Public Limited Company: Mandatory irrespective of Turnover, Profit, etc. Even in company is incurring loss; statutory audit is required to be conducted. 3. Internal Audit

What is the main responsibility of a statutory auditor?

The main responsibility of statutory auditors is performing the process of the annual statutory audit of the financial accounts of the company. As part of this effort, statutory auditors often deal with the examination and evaluation of the internal controls to manage the risks of affecting the financial accounts of the company.

Is internal audit mandatory for unlisted companies in India?

Public Unlisted Company: Internal Audit is mandatory if Turnover is Rs. 200 crore or more, Borrowings is equal to Rs.100 crore or more, paid up share Capital is Rs.50 crore or more, Deposits Rs. 25 crore or more. Private Unlisted Company: Internal audit is mandatory if Turnover is Rs. 200 crore or more and/or Borrowings is Rs.100 crore or more.

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