Threshold Limit for Statutory Audit The threshold limit for statutory audit for Motion Picture & Video Studios & Theatres in India is Rs. 1 crore in case the cash receipts do not exceed 5% of the total receipts. If the cash receipts exceed 5% of the total receipts, then the threshold limit is Rs.… Read More »
Challenges During Statutory Audits for Fashion Designers Fashion designers, like professionals in any other industry, encounter specific challenges during statutory audits for Fashion Designers. Statutory audits are comprehensive examinations of a company’s financial records and operations to ensure compliance with relevant laws and regulations. In the context of fashion designers, several challenges may arise… Read More »
The Threshold Limit of Statutory Audit The threshold limit of Statutory audit due date for Hospitals in India is Rs. 5 crores. This means that all hospitals with an annual turnover of more than Rs. 5 crores are required to have their books audited by a chartered accountant. Statutory audit due date for hospitals… Read More »
Financial Statements Audit In hospitals in India, three key Financial Statements Audit are audited: ◘ Income Statement: Also known as the Profit and Loss (P&L) statement, this Financial Statements Audit provides a summary of the hospital’s revenues, expenses, and profits or losses over a specific period. It offers insights into the hospital’s financial performance,… Read More »
Statutory Audit for Artists In the context of a Statutory Audit for Artists, distinguishing between personal and business-related expenses for artistic projects is crucial for accurate financial reporting. Personal expenses are those incurred for non-business purposes and are not deductible from the business’s taxable income. On the other hand, business-related expenses are directly associated… Read More »
Statutory Audit Applicable for Law Firms Yes, Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009. The audit must be conduct by a chartered accountant who registered with the Institute… Read More »
Statutory Audit is Applicable for Wholesaler To determine whether a statutory audit is applicable for wholesaler in India, you need to consider certain factors. A statutory audit is a legally requir examination of a company’s financial records to ensure accuracy and compliance with the law. Here’s how you can assess the applicability of… Read More »
Financial Transactions and Records To ensure that your financial transactions and records accurately reflect your artistic endeavors for the purpose of a statutory audit, you should follow these steps: 1. Maintain Detailed Records: Keep thorough and organized records of all financial transactions related to your artistic activities. This includes income from sales, commissions, exhibitions,… Read More »
Financial Statements Audited The key financial statements audited in a Motion Picture & Video Studios & Theatres business in India are the Income Statement, Balance Sheet, and Cash Flow Statement. 1. Income Statement: This financial statement provides a summary of the business’s revenues and expenses over a specific period, typically a year. It shows… Read More »
Statutory Audit for Law firm Performing a statutory audit for a law firm involves a systematic examination of its financial records, transactions, and processes to ensure compliance with applicable laws and regulations. Here’s a step-by-step guide on how to conduct a statutory audit for a law firm: 1. Understanding the Scope and Objectives: Define… Read More »
