Statutory Audit for Printing Services Yes, there are threshold limits for statutory audit for printing services in India. The threshold limit is determined by the turnover of the printing company. If the turnover of the printing company is less than INR 25 lakhs, it is not require to have a statutory audit. The turnover… Read More »
Real Estate Industry Sure, The threshold limit for statutory audit due date for real Real Estate Industry in India is ₹ 25 lakhs. This means that if the total gross receipts of a real estate agent in a financial year is more than ₹ 25 lakhs, then they are require to get their… Read More »
Statutory Audit for Hotels Here are some potential consequences of a delayed filing for the statutory audit for Hotels, Motels, Resorts: 1. Fines and penalties from the government. 2. Loss of public trust. 3. Damage to the company’s reputation. 4. Difficulty obtaining loans or lines of credit. 5. Increased scrutiny from regulators. 6. Delayed… Read More »
Statutory Audit for Grocery Stores Certainly, here’s a rephrased version of the steps to conduct a statutory audit for grocery stores and merchandise stores: 1. Audit Planning: Gain a comprehensive understanding of the business and this operations. Identify potential risks that could impact the accuracy of financial statements. Create an audit strategy tailored to… Read More »
Hotel Audit threshold Limit Hotel Audit threshold Limit, The stipulated deadline for the statutory audit in the Lodging–Hotels, Motels, and Resorts sector is contingent upon the annual turnover. If the turnover surpasses INR 5 crores, a mandatory audit by a chartered accountant is imperative. The audit dossier must be lodged with the Registrar of… Read More »
Financial Statements Audited for Restaurant Here are some key of Financial Statements Audited for Restaurant setting: 1. Income Statement: This statement presents the business’s revenues and expenses over a defined timeframe, such as a quarter or a year. It serves to calculate the net profit or loss for that period. 2. Balance Sheet: The… Read More »
Statutory Audit for Real Estate Here are the potential consequences of a delayed filing Statutory Audit for Real Estate: 1. Penalty: The Real Estate Regulatory Authority (RERA) can impose a penalty of up to Rs. 10,000 for delayed filing of the statutory audit report. 2. Suspension of registration: RERA can suspend the registration of the… Read More »
Financial statements for Statutory Audit Financial statements for Statutory Audit: Here are the fundamental financial statements for Statutory audit typically subject to auditing within the context of a Furniture & Appliances Trader & Stores business: 1. Balance Sheet: This statement presents the company’s assets, liabilities, and equity at a specific moment in time. It offers… Read More »
Statutory audit for Furniture and Appliances The prescribed deadline of due date for the Statutory audit for Furniture and Appliances of Traders & Stores is ₹1 crore. This signifies that Furniture and Appliances Traders or Stores, generating an annual turnover exceeding ₹1 crore, are obligate to undergo an audit of their accounts conducted by… Read More »
Statutory Audit limit for Restaurants The annual turnover threshold for Statutory Audit limit for Restaurants or hotels is ₹1 crore. This means that all restaurants or hotels with an annual turnover of more than ₹ 1 crore are required to get their accounts audited by a chartered accountant before the 30th September of the… Read More »