Audit Requirement for Chemist
Yes, statutory Audit Requirement for Chemist if their turnover is more than Rs. 10 crore (or Rs. 5 crore, if the cash receipts and payments exceed 5% of the total receipts and payments).
The Companies Act, 2013 mandates that all companies (including private limited companies, limited liability partnerships, and one-person companies) with a turnover of more than Rs. 10 crore (or Rs. 5 crore, if the cash receipts and payments exceed 5% of the total receipts and payments) are required to get their accounts audited by a qualified auditor.
The audit report is an important document that is used by the company’s stakeholders, such as investors, creditors, and regulators. The audit report can help these stakeholders to make informed decisions about the company’s business.
If you are a chemist and your turnover is more than Rs. 10 crore (or Rs. 5 crore, if the cash receipts and payments exceed 5% of the total receipts and payments), then you are required to get your accounts audited by a qualified auditor. You can find a qualified auditor by searching online or contacting your local chamber of commerce.
The auditor will review your financial statements and supporting documents, and will also conduct interviews with your management and staff. The auditor will then issue an audit report that expresses their opinion on the accuracy and fairness of your financial statements.
The audit report is an important document that you should keep in your records. You may need to provide the audit report to your stakeholders, such as investors, creditors, and regulators.
To visit: https://www.mca.gov.in/
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