Statutory Audit Limit for Stores
Indeed, there is Statutory Audit Limit for Stores and traders. The specific limits vary depending on the jurisdiction, but they typically involve a combination of turnover and asset size.
For example, in India, a trader or store with a turnover of more than INR 25 crores (approximately USD 3.3 million) or assets of more than INR 10 crores (approximately USD 1.3 million) required to have a statutory audit.
Here are some specific examples of threshold limits for statutory audit for traders and stores in different jurisdictions:
1. India:
Turnover of more than INR 25 crores (approximately USD 3.3 million) or assets of more than INR 10 crores (approximately USD 1.3 million)
2. United Kingdom:
Turnover of more than GBP 10.2 million (approximately USD 13.1 million) or balance sheet total of more than GBP 5.1 million (approximately USD 6.6 million)
3. United States:
Publicly traded companies always required to have a statutory audit, regardless of size. Private companies with more than $20 million in assets or $10 million in revenue are also required to have a statutory audit.
It is important to note that these are just a few examples, and the specific threshold limits may vary depending on the jurisdiction.
If you are a trader or store owner, you should consult with an accountant or other financial advisor to determine whether you are required to have a statutory audit.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
