Statutory Audit for Printing Services

Yes, there are threshold limits for statutory audit for printing services in India. The threshold limit is determined by the turnover of the printing company.

If the turnover of the printing company is less than INR 25 lakhs, it is not require to have a statutory audit.

 The turnover of the printing company is between INR 25 lakhs and INR 50 crores, it is require to have a statutory audit if the paid-up capital is less than INR 50 lakhs.

If the turnover of the printing company is more than INR 50 crores, it is required to have a statutory audit irrespective of the paid-up capital.

It is conduct by a qualified auditor who is register with the Institute of Chartered Accountants of India (ICAI).

The auditor will examine the financial statements of the printing company and report on whether they are prepare in accordance with the applicable accounting standards and give a true and fair view of the financial position of the company.

Here are some of the limitations of statutory audit for printing services:

1. It is a costly process, Similarly, for small businesses.

2. The auditor may not have the expertise to understand the specific accounting issues of the printing industry.

3. The auditor may not be able to detect all material misstatements in the financial statements.

To visit: https://www.mca.gov.in/

For further details access our website: https://vibrantfinserv.com