Statutory Audit is Mandatory for Chemists
Statutory audit is not mandatory for chemists. It is mandatory for companies, irrespective of their nature of business and sales turnover.
However, there are some cases where statutory audit required for chemists.
For example, if a chemist is involve in the manufacture or sale of chemicals that regulated by the government, then they required to have their financial statements audited.
To ensure that statutory audit is mandatory for chemists, the government can pass a law that specifically requires it.
The law could also specify the types of chemists who required to have their financial statements audited.
In addition to the government, professional organizations for chemists can also play a role in ensuring that statutory audit is mandatory.
These organizations can develop guidelines and standards for statutory audit and can provide training and support to chemists who required to have their financial statements audited.
Here are some of the factors that determine whether statutory audit is mandatory for a chemist:
1. The nature of the chemist’s business:
If the chemist involved in the manufacture or sale of chemicals that regulated by the government, then they may be requir to have their financial statements audited.
2. The size of the chemist’s business:
If the chemist’s business has a certain level of turnover or assets, then they may be required to have their financial statements audited.
3. The location of the chemist’s business:
If the chemist’s business is located in a certain country or jurisdiction, then they may be required to have their financial statements audited.
If you are a chemist and you are not sure whether statutory audit is mandatory for you, then you should consult with a lawyer or accountant.
They can help you to understand the specific requirements that apply to your business.
To visit: https://www.mca.gov.in/
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