Breaking NEWS | Statutory Audit for small companies may be abolished | ICAI and Audit Updates

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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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