Computer Sale and Service Here are some unique ways a company can maintain proper records of its Computer Sale and Service transactions: 1. Use a cloud-based accounting software: This software can be accessed from anywhere and allows you to easily track your sales and service transactions. It also has features that can help you… Read More »
Financial Statements Audited for Architectural In the context of financial statements audited for Architectural, Engineering, and Surveying Services in India, the key financial statements that are typically audited include: ◘ Balance Sheet: The balance sheet offers a momentary glimpse into the financial status of the company at a particular juncture. It outlines the company’s… Read More »
Statutory Audit for Motor & Truck Financial compliance Statutory audit of Motor & Truck Rental Services in India involves a systematic examination of the financial records, transactions, and operations of the business to ensure compliance with legal and regulatory requirements. Here’s how it can be done: 1. Understanding the Business and Scope of… Read More »
Statutory Audit Objectives for Motor & Truck The statutory audit objectives for Motor & Truck Rental Services in India serves several important objectives. Firstly, it ensures compliance with legal and regulatory requirements, including the Companies Act and the Income Tax Act. This involves examining financial statements to verify their accuracy and adherence to applicable… Read More »
Regulatory requirements 1. Regulatory Requirements Data Guardianship Compliance: Ensuring compliance with data protection laws like GDPR (in the EU) and CCPA (in the US) is imperative. These laws necessitate safeguarding personal data, providing individuals with data control, and transparent data handling practices. 2. Consumer Safeguarding Regulations: Companies dealing with consumer computers must abide by… Read More »
Statutory Audit for automotive repair The threshold limit for statutory audit for automotive repair services in India is Rs. 1 crore. This means that businesses with an annual turnover of more than Rs. 1 crore are required to have their books audited by a chartered accountant. The statutory audit is a mandatory requirement for… Read More »
Financial statements for Audit The key Financial statements for Audit in an Automotive Repair Services business in India include the Income Statement, the Balance Sheet, and the Cash Flow Statement. 1. Income Statement: This statement provides a summary of the revenue earned and expenses incurred during a specific period, typically a year. For an… Read More »
Statutory Audit Limit for Computer The threshold limit of statutory audit for Computer Sales & Services companies is Rs. 10 crores in terms of turnover for the financial year 2023-2024. This is according to the Companies Act, 2013. However, there are some exceptions to this rule. For example, a Computer Sales & Services company… Read More »
Statutory Audit Requirements Ensuring compliance with relevant statutory audit requirements in engineering processes and practices involves several steps to maintain transparency and accountability. Here’s a detailed explanation: 1. Documentation and Records: Maintain comprehensive records of all engineering activities, processes, and decisions. This includes design plans, technical specifications, project timelines, and communication records. Having accurate… Read More »
Statutory Audit for Fuel Dealers Indeed, there are threshold limits for statutory audit for fuel dealers. The threshold limit is determined by the turnover. If the turnover of the fuel dealer is less than Rs. 25 crores, then the statutory audit is not mandatory. If the turnover of the fuel dealer is between Rs.… Read More »
