Frequently Asked Questions
1. Who Is Required to Get a Statutory Audit?
All companies irrespective of the nature of their business and their business turnover should go for a statutory audit.
2. What is the limit for a statutory audit?
The limit of statutory audits is different for different companies depending on the business turnover. In India, the statutory audit limit is determined by the Companies Act, 2013.
3. Can BC Shetty & Co help in planning and saving taxes?
A tax audit is an audit conducted to verify the compliance with Income Tax Act 1962 while a statutory audit is the examination of the financial data of a company as per Companies Act 2013. You can read more about Tax audit here
4. When is a statutory audit mandatory in India?
Companies registered under the Companies Act generally require a statutory audit, subject to applicable legal requirements.
5. How does a statutory audit help a business?
It helps verify financial accuracy, identify errors, and improve compliance with applicable laws and regulations.
6. What is the difference between statutory and internal audit?
A statutory audit is legally required, while an internal audit focuses on improving internal controls, processes, and risk management.