Requirement of Statutory Audit
Requirement of Statutory Audit, Whether a statutory audit is require for a technical consultant depends on the following factors:
1. The nature of the business:
Technical consultants who are engage in the business of providing consultancy services to a single client and the total amount of such services does not exceed Rs. 50 lakhs in a financial year are not require to get their accounts audit.
2. The total gross receipts:
Technical consultants are require to get their accounts audited if their total gross receipts during the financial year exceed Rs. 50 lakhs.
3. The existence of a parent company:
If a technical consultant is a subsidiary of a company that is requir to get its accounts audited, then the technical consultant is also requir to get their accounts audited.
4. The requirements of the regulatory body:
Some regulatory bodies, such as the Securities and Exchange Board of India (SEBI), may require technical consultants to get their accounts audited even if they do not meet the other criteria.
If you are a technical consultant, it is important to consult with a CA to determine whether you are require to get your accounts audit.
To visit: https://www.mca.gov.in/
