Examples of Statutory Reports
- Statutory Report submitted at the statutory meeting of the company.
- Directors’ Report to the Annual General Meeting.
- Annual Return.
- Auditors’ Report.
- Reports by Inspectors appointed to investigate the affairs of the company.
Who needs a statutory audit?
The accounts of a Limited Liability Partnership (LLP) must be audited if it has an annual turnover of Rs. 40 lakhs or more or Rs. 25 lakhs or more capital contribution. Tax audit on the other hand is required for Proprietorships and Partnership Firms that have cross a certain threshold of sales.
What are the features of statutory audit?
Features of Statutory Audit (India)
- Create and maintain an Audit Programme.
- Prepare and maintain Audit Working Papers.
- Mark the applicable and complied Accounting Standards and Audit and Assurance Standards for a company.
- Extract the financial information required for statutory audit.
What is the limit for statutory audit?
LLP: Statutory Audit is Applicable only if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs. Private Limited Company/Public Limited Company: Mandatory irrespective of Turnover, Profit, etc.
What is done in statutory audit?
The features of the statutory audit are the submission of legal documents on financial statements. They are the audit balance sheet, notes on accounts including 3CA/3CB, 3CD, purchase bill file, sales bill file, bank reconciliation statement, electricity bill, telephone bill, rent bill, etc.
What is the process of statutory audit?
What is the limit of statutory audit?
1. For LLP: Statutory audit is applicable if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs.
Is statutory audit compulsory for OPC?
OPC Statutory Audit Statutory Audit is Mandatory for One Person Company. Company shall appoint Chartered Accountant from as an auditor of company.
What is statutory audit in banks?
Statutory Audit is a type of audit which is mandated by a Law or a Statute to ensure the books of accounts presented to the regulators and public are true and fair. Statutory audit is mandatory if certain criteria are being met by the business.
