Statutory Audit for Sales & Services
For example, if the financial year of a Sales & Services business is from 1st April 2023 to 31st March 2024, then the due date for the statutory audit is 30th September 2024.
The statutory audit is a legal requirement for all businesses with a turnover of Rs. 1 crore or more.
The audit is conducted by a qualified chartered accountant, who will review the business’s financial statements and records to ensure that they are accurate and compliant with the law.
The auditor will also report on any areas of concern, such as possible financial irregularities or tax evasion. The statutory audit is an important tool for ensuring the transparency and accountability of businesses.
Here are some of the circumstances under which a Sales & Services business may be required to get their accounts audited, even if their turnover is less than Rs. 1 crore:
1. If the business has borrowed money from a financial institution.
2. If the business has been involved in a major transaction, such as a merger or acquisition.
3. If the business has been the subject of a tax audit in the past.
4. If the business is a partnership or LLP.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com