Threshold Limit of Statutory Audit for Traders and Stores
Indeed, there are Threshold limit of statutory audit for Traders and Stores. 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 statutory audit thresholds limit for traders and stores in different jurisdictions:
• 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)
• 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)
• 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 have required to have a statutory audit.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
