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shrutika anil nikam

shrutika anil nikam (Querist)
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22 October 2012 is there any limit on turnover as to when statutory audit is applicable?

HEMANTA PATNAIK

HEMANTA PATNAIK (Expert)
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22 October 2012 No Limit on Turnover . Every Corporate entity has to get it's accounts audited under the Companies Act.

CA Manish

CA Manish (Expert)
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22 October 2012 As per sec 224 of the companies act 1956, every co is required to appoint at each AGM an auditor.

There is no minimum turover for this.

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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22 October 2012 There is No Such Limit Prescribed in case of Corporates for Stat Audit.
Only Branches are Given Relaxation to Exempt from Statutory Audit, Provided Some Conditions Related to Turnover & Production Doesnt cross as Prescribed for Exemption.