Category Archives: Statutory Audit

How do you handle and rectify discrepancies or non-compliance found in the statutory audit of your engineering projects?

Statutory Audit for Textile & Clothes

Statutory Audit of Engineering Projects   Discrepancies or non-compliance found in the statutory audit of engineering projects can be handled and rectified in the following ways: 1. Identify the discrepancy or non-compliance: The first step is to identify the specific discrepancy or non-compliance. You can do this by reviewing the audit report and understanding the… Read More »

What are the key financial statements for tour and travel agency should prepare for the statutory audit?

FinancialStatements for Tour Travel Agency   The following are some example for FinancialStatements for Tour Travel Agency: 1. Balance Sheet: The balance sheet offers a momentary view of the financial status of the agency at a particular moment, presenting its assets, liabilities, and owner’s equity. It helps assess the agency’s solvency and financial stability. 2.… Read More »

What are the key financial statements audited in a School, Colleges, Universities, Professional Schools?

Audit Date of Employment Agency

Statutory Audit for Educational   In Statutory Audit for Educational Institute such as schools, colleges, universities, and professional schools in India, several key financial statements are audited to ensure transparency and financial accountability. 1. Income and Expenditure Statement: This statement provides a comprehensive overview of the institution’s revenue sources and how funds can utiliz. It… Read More »

What are the common risks and challenges faced by tour and travel agencies during a statutory audit?

Statutory audit for Grocery and Merchandise, Statutory audit for Furniture and Appliances

Statutory Audit Important   The following are some examples of Statutory Audit Important mentioned below:   1. Financial Documentation: Tour and travel agencies often deal with numerous financial transactions and complex accounting records. Maintaining accurate and organized financial documentation can be challenging during a statutory audit. 2. Seasonal Variability: The tourism industry is often subject… Read More »

What is the threshold limit of Statutory audit due date for Organizations, Charitable and Social Service?

Audit Date of Employment Agency

Threshold Limit of Statutory Audit   The threshold limit of statutory audit and the due date for Organizations, Charitable, and Social Service entities in India are as follows:  1. Threshold Limit: Organizations, Charitable, and Social Service entities in India can requir to undergo a statutory audit if their total gross receipts or total income in… Read More »

What is the threshold limit of Statutory audit due date for School, Colleges, Universities, Professional Schools?

Expense Management

Statutory audit dedline for School   The threshold limit for statutory audit dedline for School different entities in India, including schools, colleges, universities and professional schools. If an entity’s total gross receipts or turnover exceeds ₹1 crore in a financial year, they required to undergo a statutory audit. This means that if a school, college,… Read More »

What are the key regulations governing the statutory audit of fuel dealers?

Statutory audit for Grocery and Merchandise, Statutory audit for Furniture and Appliances

Statutory Audit of Fuel Dealers   Indeed, here are the key regulations governing the statutory audit of fuel dealers in India:   1. The Companies Act, 2013: The Companies Act, 2013 is the primary legislation that governs the statutory audit of fuel dealers. The Act requires all fuel dealers with a turnover of more than… Read More »

What is the threshold limit of Statutory audit due date for Dental and Medical Laboratories?

Audit Date of Employment Agency

Threshold Limit of Statutory Audit for Dental   The threshold limit of statutory audit for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to… Read More »