Quick Summary
Audit verifies the accuracy and fairness of financial records and statements.
Companies Act mandates statutory audit by Chartered Accountants. Tax audit (Section 44AB) applies if turnover exceeds ₹1 crore. GST audit applies for turnover above ₹5 crore (suspended temporarily).
Key Points
- Statutory audit mandatory
- By Chartered Accountant
- Tax audit at ₹1 crore
- GST audit at ₹5 crore
- Independent verification