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Statutory Audit is Audit of Books of Accounts in compliance with requirements of any statute to assure true and fair view of the accounts as well as compliance with special provisions of the Companies Act 2013, ICAI guidelines and Accounting and Auditing Standards issues by ICAI. In short, statutory audit is Audit under the Companies Act. Accounts of every company integrated under the companies act in India are needed to get it audited from a Chartered Accountant in Practice to assure true and fair view of its accounts & interrelated statements. Further, the auditor has to check compliance with various regulations & provisions of the Companies Act. Statutory Audit assures reliability of annual accounts of the company for various stakeholders of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.
The complication of Statutory Audit Function has increased manifolds recently. Globalization, complex Business and Statutory environment combined with need for synchronization with various global accounting standards and ever increasing faith on audited accounts by a variety of stakeholders has put ever increasing answerability on the shoulders of any statutory auditor.
Our firm is well equipped and well experienced in Statutory Audit of listed and unlisted companies and we perform it as per the Audit Program designed for the company after assessment of their Internal Control.
Any person carrying on a business must get accounting records audited if turnover exceeds Rs 2 crore under Section 44AB of Income Tax Act. Read in detail about audit and accounting rules for businesses here. With the change in turnover limit for presumptive income, there has been some confusion about applicability of audit for businesses and professions. Let’s understand this in detail.
Audit for Businesses
Starting financial year FY 2016-17, the turnover limit for businesses, which can opt for presumptive income scheme, has been increased from Rs 1 crore to Rs 2 crore. For financial year FY 2016-17, audit will apply for businesses with turnover in excess of 2 crore.
Audit for Professionals
Starting financial year FY 2016-17, presumptive income scheme has been extended to professionals with receipts up to Rs 50 lakhs. Under this scheme, their income is assumed to be 50% of receipts. Books of accounts are not required to be maintained and audit is not applicable.
Starting financial year FY 2016-17, the turnover limit for audit for professionals continues to be 25 lakhs. There is no amendment to Section 44AB. There is no change in audit requirement for professionals NOT covered under presumptive scheme.
a) We do Tax Audit for Business and Professional.
b) Advice on managing and planning qualified and disqualified expenses and all Statutory dues.