For Companies(Private Limited or Public Limited)
It is compulsory to get Audit from CA as per Companies Act
Turnover is not important
This Audit is called Statutory Audit
For Non Companies(Proprietorship/Partnership)
Compulsory For Business
If Turnover greater than 1 Crore (2 Crore in 2016-17)
If Turnover upto 1 Crore (2 Crore in 2016-17) and Showing less than 8% Profit (Read More)
If upto 10 trucks and showing less than 7500 per truck Profit per month (Read More)
Compulsory for Professionals
If Gross Receipts > 25 Lacs
This Audit is called Tax Audit
Internal Audit
This is done by companies to check whether Policies and Procedures of Company are followed properly or not
This may be done by an employee or a Outside person (who may or may not be a CA)
When is Internal Audit Compulsory
Internal Audit is compuilsory if
a) every listed company; Always applicable
(b) every unlisted public company having–
(i) paid up share capital of fifty crore rupees or more during the preceding financial year; or
(ii) turnover(income) of two hundred crore rupees or more during the preceding financial year; or
(iii) outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or
(iv) outstanding deposits of twenty five crore rupees or more at any point of time during the preceding financial year; and
(c) every private company having–
(i) turnover of two hundred crore rupees or more during the preceding financial year; or
(ii) outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year:
Written on Oct. 7, 2016, 4:51 p.m.