{"id":12534,"date":"2023-08-19T08:30:11","date_gmt":"2023-08-19T08:30:11","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=12534"},"modified":"2024-05-23T05:11:04","modified_gmt":"2024-05-23T05:11:04","slug":"statutory-audit-is-applicable","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/","title":{"rendered":"How to ensure that  Statutory audit is applicable for the technical consultant or not?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-18\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"99\" height=\"47\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 99px) 100vw, 99px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/#Statutory_audit_is_applicable\" >Statutory audit is applicable<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/#1_The_nature_of_the_business\" >1. The nature of the business:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/#2_The_total_gross_receipts\" >2. The total gross receipts:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/#3_The_existence_of_a_parent_company\" >3. The existence of a parent company:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/#4_The_requirements_of_the_regulatory_body\" >4. The requirements of the regulatory body:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/#For_further_details_access_our_website_https_vibrantfinservcom\" >For further details access our website: https:\/\/vibrantfinserv.com<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Statutory_audit_is_applicable\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-13062 alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/statutory-audit-1.webp\" alt=\"Challenges for statutory audit Statutory audit is applicable\" width=\"211\" height=\"120\" \/>Statutory audit is applicable<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Whether statutory audit is applicable to a technical consultant depends on the following factors:\\r\\n\\r\\n1. The nature of the business: Technical consultants who are engaged in the business of providing consultancy services to a single client and the total amount of such services does not exceed Rs. 50 lakhs in a financial year are not required to get their accounts audited.\\r\\n2. The total gross receipts: Technical consultants are required to get their accounts audited if their total gross receipts during the financial year exceed Rs. 50 lakhs.\\r\\n3. The existence of a parent company: If a technical consultant is a subsidiary of a company that is required to get its accounts audited, then the technical consultant is also required to get their accounts audited.\\r\\n4. The requirements of the regulatory body: Some regulatory bodies, such as the Securities and Exchange Board of India (SEBI), may require technical consultants to get their accounts audited even if they do not meet the other criteria.\\n\\r\\nHere are some steps you can take to ensure that statutory audit is applicable for the technical consultant or not:\\r\\n\\r\\n1. Consult with a chartered accountant: A chartered accountant can help you to determine whether statutory audit is applicable to your business.\\r\\n2. Review the Income Tax Act, 1961: The Income Tax Act, 1961 specifies the criteria for which technical consultants are required to get their accounts audited.\\r\\n3. Review the Companies Act, 2013: The Companies Act, 2013 specifies the criteria for which technical consultants that are companies are required to get their accounts audited.\\r\\n4. Review the regulations of the regulatory body: If your business is regulated by a regulatory body, such as SEBI, you should review the regulations to determine whether statutory audit is required.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Statutory audit is applicable, Whether statutory audit is applicable to a technical consultant <strong>depends on the following factors:<\/strong><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_The_nature_of_the_business\"><\/span>1. The nature of the business:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Technical consultants who are engage in the business of providing consultancy services to a single client and the total amount.<\/p>\n<p>Of such services does not exceed Rs. 50 lakhs in a financial year are not require to get their accounts audit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_The_total_gross_receipts\"><\/span>2. The total gross receipts:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Technical consultants are require to get their accounts audited if their total gross receipts during the financial year exceed Rs. 50 lakhs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_The_existence_of_a_parent_company\"><\/span>3. The existence of a parent company:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If a technical consultant is a subsidiary of a company that is require to get its accounts audit, then the technical consultant is also require to get their accounts audited.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_The_requirements_of_the_regulatory_body\"><\/span>4. The requirements of the regulatory body:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Some regulatory bodies, such as the Securities and Exchange Board of India (SEBI), may require technical consultants to get their accounts audited even if they do not meet the other criteria.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Here are some steps you can take to ensure that statutory audit is applicable for the technical consultant or not:<\/strong><\/p>\n<p><strong>1. Consult with a chartered accountant:<\/strong> A chartered accountant can help you to determine whether statutory audit is applicable to your business.<\/p>\n<p>2.<strong> Review the Income Tax Act, 1961:<\/strong> The Income Tax Act, 1961 specifies the criteria for which technical consultants are require to get their accounts audit.<\/p>\n<p>3<strong>. Review the Companies Act, 2013:<\/strong> The Companies Act, 2013 specifies the criteria for which technical consultants that are companies are require to get their accounts audit.<\/p>\n<p>4<strong>. Review the regulations of the regulatory body<\/strong>: If your business is regulate by a regulatory body, such as SEBI, you should review the regulations to determine whether statutory audit is require.<\/p>\n<p><strong>To visit: <a class=\"in-cell-link\" href=\"https:\/\/www.incometax.gov.in\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.incometax.gov.in<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12959 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/statutory-audit--300x298.webp\" alt=\"Requirement of Statutory Audit\" width=\"214\" height=\"213\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/statutory-audit--300x298.webp 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/statutory-audit--150x150.webp 150w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/statutory-audit-.webp 500w\" sizes=\"auto, (max-width: 214px) 100vw, 214px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"For_further_details_access_our_website_https_vibrantfinservcom\"><\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;For further details access our website: https:\/\/vibrantfinserv.com\\nTo visit: https:\/\/www.incometax.gov.in&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:1325571,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16777215},&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:4473924},&quot;15&quot;:&quot;Ubuntu, Helvetica, Arial, sans-serif&quot;,&quot;16&quot;:11,&quot;21&quot;:1,&quot;23&quot;:1}\" data-sheets-textstyleruns=\"{&quot;1&quot;:0}\uee10{&quot;1&quot;:41,&quot;2&quot;:{&quot;2&quot;:{&quot;1&quot;:2,&quot;2&quot;:1136076},&quot;9&quot;:1}}\uee10{&quot;1&quot;:68}\uee10{&quot;1&quot;:79,&quot;2&quot;:{&quot;2&quot;:{&quot;1&quot;:2,&quot;2&quot;:1136076},&quot;9&quot;:1}}\" data-sheets-hyperlinkruns=\"{&quot;1&quot;:41,&quot;2&quot;:&quot;https:\/\/vibrantfinserv.com\/&quot;}\uee10{&quot;1&quot;:68}\uee10{&quot;1&quot;:79,&quot;2&quot;:&quot;https:\/\/www.incometax.gov.in\/&quot;}\uee10{&quot;1&quot;:107}\">For further details access our website: <a class=\"in-cell-link\" href=\"https:\/\/vibrantfinserv.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/vibrantfinserv.com<br \/>\n<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Statutory audit is applicable Statutory audit is applicable, Whether statutory audit is applicable to a technical consultant depends on the following factors: 1. The nature of the business: Technical consultants who are engage in the business of providing consultancy services to a single client and the total amount. Of such services does not exceed Rs.\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":13062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2459,2575],"tags":[2553],"class_list":["post-12534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-statutory-audit","category-technical-consultant","tag-auditrequirements-technicalconsultant-regulatorycompliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Statutory audit is applicable\/Article\/ VibrantFinserv -<\/title>\n<meta name=\"description\" content=\"Statutory audit is applicable, Whether statutory audit is applicable to a technical consultant depends on the following 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