Statutory Audit for Textile and Clothes Here are some ways a statutory audit for textile and clothes traders ensure accurate financial reporting: 1. The auditor will review the trader’s financial records and procedures to ensure that they are adequate and compliant with applicable laws and regulations. This includes reviewing the trader’s accounting policies, internal… Read More »
Textile Traders Sure, here are the specific financial records that textile traders should maintain for the statutory audit: 1. Cash book: This records all cash receipts and payments. 2. Bank statement: This records all transactions made through the bank account. 3. Purchases journal: This records all purchases of goods and materials. 4. Sales journal:… Read More »
Objectives of Statutory Audit for Grocery Here are the main objectives of a statutory audit conducted for Grocery & Merchandise Stores: 1. Evaluate Compliance and Accuracy: Verify if the financial statements adhere to the relevant financial reporting framework. This involves ensuring that the statements are presented accurately and fairly, following all pertinent accounting standards.… Read More »
Penalty of Late Filing for Statutory Yes, there are penalties for late filing of Statutory Audit Penalty for Printing Services. The penalty depends on the amount of time the audit is late. If the audit is filed after the due date but within 30 days, the penalty is ₹500 per day. If the audit… Read More »
Audit Dedline for Architectural The threshold limit of statutory audit dedline for Architectural, Engineering, and Surveying Services in India depends on the annual turnover of the business. Businesses that fall under the category of Architectural, Engineering, and Surveying Services are require to get their accounts audited if their annual turnover exceeds Rs. 1 crore.… Read More »
Statutory Audit Compliance A statutory audit compliance entails a legally mandated examination of financial records. In the context of construction projects, a statutory audit can help to ensure compliance with relevant laws and regulations by: Identifying and assessing the risks of non-compliance. Evaluating the adequacy of the project’s internal controls. Testing the implementation of… Read More »
Statutory Audit for Mall Owners The threshold limit for statutory audit for mall owners in India is Rs. 2 crores. This means that if the total turnover of a mall is more than Rs. 2 crores in a financial year, it is required to get its accounts audited by a chartered accountant. The due date… Read More »
Statutory Audit for Sales & Services Sure, the due date of statutory audit for Sales & Services is 30th September of the subsequent financial year. For example, if the financial year of a Sales & Services business is from 1st April 2023 to 31st March 2024, then the due date for the statutory audit is… Read More »
Statutory Audit for Freelancers The threshold limit and due date for statutory audit are important considerations for freelancers in India. In India, freelancers determine their eligibility for statutory audit based on their annual turnover. Under the provisions of the Income Tax Act, freelancers must undergo a statutory audit if their annual turnover exceeds Rs. 1… Read More »
Statutory Audit of Computer Repair To conduct the statutory audit of computer repair and maintenance services, follow these steps: 1. Gather Financial Records: Collect all financial documents related to your computer repair and maintenance business, such as income statements, balance sheets, cash flow statements, and relevant invoices. 2. Identify Applicable Standards: Determine the relevant… Read More »
