Statutory Audit for Registered Nurses
Determining whether a statutory audit for Registered Nurses it is applicable, involves considering various factors related to their financial activities and professional status.
Here’s a breakdown of the process:
1. Nature of Income and Earnings:
The first step is to evaluate the nature of income and earnings of Registered Nurses. If they receive income from multiple sources, such as salary from employment, freelance nursing services, or any other business activities, it might trigger the need for a statutory audit if certain income thresholds are met.
2. Turnover or gross receipts:
If the RN’s turnover or gross receipts is Rs. 1.5 crore or more in the previous financial year, they are required to get a statutory audit compelete.
3. Total income:
If the RN’s total income is Rs. 60 lakh or more in the previous financial year, they required to get a statutory audit compelete.
4. Unexplained investment or expenditure:
If the RN has made any unexplained investment or expenditure of Rs. 2 lakh or more in the previous financial year, they are required to get a statutory audit done
5. Legal Entity and Business Structure:
If a Registered Nurse operates as a sole proprietor or has incorporated a business entity for nursing services, the structure could impact the audit requirement. Incorporated businesses often face stricter audit requirements due to the separate legal identity.
6. Regulatory Requirements:
Some healthcare regulations or licensing authorities might require Registered Nurses to undergo financial audits to ensure compliance with ethical and professional standards. This is especially relevant if they operate private practices or healthcare facilities.
7. Client Contracts and Agreements:
If a Registered Nurse enters into contracts or agreements with healthcare facilities, insurance companies, or other clients, these contracts may stipulate audit or financial reporting requirements.
8. Size and Complexity of Financial Transactions:
The complexity and size of financial transactions can influence audit requirements. If a Registered Nurse engages in intricate financial dealings, it might attract audit scrutiny to ensure accuracy and compliance.
If an RN meets any of the above criteria, they required to got a statutory audit done. The statutory audit report must file with the Income Tax Department by the due date, which is usually 30 days after the end of the financial year.
Here are some of the benefits of getting a statutory audit complete:
1. It can help to ensure that the RN’s financial records are accurate and compliant with the law.
2. It can help to identify any potential problems with the RN’s financial affairs.
3. It can provide the RN with peace of mind knowing that their financial records have been review by an independent auditor.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com