Breaking NEWS | Statutory Audit for small companies may be abolished | ICAI and Audit Updates
Published at : October 03, 2021
#StatutoryAudit #ICAIUpdates #NeerajArora
Breaking NEWS | Statutory Audit for small companies may be abolished | ICAI and Audit Updates
Hi Guys! In this video, we have an important update for you related to Audit.
In India, Statutory Audit is compulsory for all companies, irrespective of their size and characteristics.
However major economies of the world require statutory audit for small companies only in case of some minimum criteria of public interest are satisfied.
Even in India, the tax audit limit under Income Tax Act has been raised to Rs. 10 Cr if the assessee is doing more than 95% transactions in digital mode.
Now it’s the amendment that is likely to be there in the Companies Act. As per news updates, the Ministry of Corporate Affairs (MCA) might do away with Statutory Audit as per the Companies Act 2013 for small companies.
This decision has been taken in line with the ease of doing business. In order to promote, ease of doing business, the government is planning to do away with Statutory Audit for certain classes of companies.
To know more in detail about this update watch this video till the end.
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Breaking NEWS | Statutory Audit for small companies may be abolished | ICAI and Audit Updates
Hi Guys! In this video, we have an important update for you related to Audit.
In India, Statutory Audit is compulsory for all companies, irrespective of their size and characteristics.
However major economies of the world require statutory audit for small companies only in case of some minimum criteria of public interest are satisfied.
Even in India, the tax audit limit under Income Tax Act has been raised to Rs. 10 Cr if the assessee is doing more than 95% transactions in digital mode.
Now it’s the amendment that is likely to be there in the Companies Act. As per news updates, the Ministry of Corporate Affairs (MCA) might do away with Statutory Audit as per the Companies Act 2013 for small companies.
This decision has been taken in line with the ease of doing business. In order to promote, ease of doing business, the government is planning to do away with Statutory Audit for certain classes of companies.
To know more in detail about this update watch this video till the end.
=====
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Get upto 65% OFF on CA Inter November 2021 & May 2022 Classes🥳
Check Out CA Intermediate May 2022 Classes: https://www.edu91.org/s/pages/may-2022
Check Out CA Intermediate November/December 2021 Classes: https://www.edu91.org/s/pages/nov-2021-classes
Sale is valid for LIMITED TIME only⌛️
Exclusive Benefits You will Get On Edu91 Classes:
✅ Get Mock Test Papers With Detailed Evaluation For All CA Inter Classes
✅ Industry Leading Doubt Support
✅ Highest Quality Studio-Recorded Video Classes by Top Educators
✅ Case Based Questions & MCQs For Selected Subjects
✅Community Support
✅Live Sessions
✅Career Counselling
✅Free Course On Index Fund Investing
✅Affordable Price
✅Mentorship Program
✅Value Added Services
✅ 3 Views : Highest In The Industry
✅ Maximum Coverage of ICAI Publications like Study Material, RTP, MTP etc.
✅ PDF Notes / Quick Access To Study Material On Your Device
✅ Easy to use software & App. Hassle Free. No Camera Required
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