23 May 2012
It is necessary to post complete question in order to get a correct and exact answer.
Anhow, if turnover is above one crore then audit is must for a business entity other than Company. If it is a Company then AUDIT is must for any amount of turnover.
The amount of One Crore shall get replaced by Rs. 60 Lakhs if the financial year is 2011-12.
For the turnover above Rs. One Crore TAX AUDIT REPORT is also a must.