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. 25 crores and Rs. 50 crores, then the statutory audit is optional.
- If the turnover of the fuel dealer is more than Rs. 50 crores, then the statutory audit is mandatory.
The statutory audit must be conducted by a qualified auditor who is registered with the Institute of Chartered Accountants of India (ICAI). The auditor must submit a report to them and to the concerned authorities.
The purpose of the statutory audit is to ensure that the financial statements are accurate and reliable.
The audit also helps to detect any fraud or irregularities in the financial affairs of the fuel dealer.
Here are some of the exceptions to the statutory audit requirement for fuel dealers:
- Who are government entities are not required to undergo statutory audit.
- Who are subsidiaries of companies that are already subject to statutory audit are also not required to undergo statutory audit.
- Who are exempted from statutory audit by the Central Government or the State Government are also not required to undergo statutory audit.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
