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PARTICULARS |
LEGAL REQUIREMENT |
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FORENSIC AUDIT |
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By banks on loans and advances |
1)
The RBI has mandated forensic audits for loan accounts above a particular exposure which have turned non- performing by issuing Master Directions
on Frauds – Classification and
Reporting by commercial banks and select FIs via Circular No. DBS.CO.CFMC.BC.No.1/23.04.001/2016-17 Dated July 01, 2016.
2)
SEBI in Schedule III,
in Part A, under the Clause A, sub- clause
17 of SEBI LODR Regulations] has now mandated the following disclosures shall be made to the stock exchanges by listed entities: a)
The fact
of initiation of forensic audit
along-with name of entity initiating the audit and reasons for the same, if available; b)
Final forensic audit report (other
than for forensic
audit initiated by regulatory / enforcement agencies) on receipt by the listed
entity along with comments of the management, if any.” |
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STATUTARY AUDIT/ EXTERNAL AUDIT |
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For Private/Public Company |
Section 139 to 147 of
Companies Act, 2013 along with Companies (Audit
& Auditors) Rules,
2014.
Mandatory: Irrespective of Turnover, profits etc., even
in case of losses. |
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For LLP |
Section 34(4) of LLP Act, 2008 and Rule
24(8) of LLP Rules, 2009.
LLP audit is mandatory where
the turnover exceeds
₹40 lakhs
in a F.Y. OR where the
contribution exceeds ₹25 lakhs
in a F.Y. |
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INTERNAL AUDIT |
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For listed company |
Section 138 of
Companies Act, 2013 and Rule 13 of Companies (Accounts) Rules, 2014: Mandatory |
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For Unlisted public company |
Section 138 of Companies Act, 2013 and Rule 13 of Companies (Accounts) Rules, 2014.
If
during the preceding F.Y. : (i)
paid up share capital – Rs. 50 crore or more, OR (ii) turnover – Rs. 200 crore
or more, OR (iii)
O/s loans or
borrowings from banks or public financial institutions exceeding Rs. 100
crore or more
at any point
of time; OR (iv) O/s deposits – Rs. 25 crore or more at any point of time. |
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For Every Private
company |
If during
the preceding F.Y.: (i)
Turnover – Rs. 200 crore or more OR (ii)
O/s loans or borrowings from banks or public financial institutions exceeding Rs. 100 crore
or more at any point of time. |
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TAX AUDIT |
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For Individual, HUF, Firm, Company, AOP & BOI, Local authority etc. |
Section 44 AB of Income Tax Act, 1961.
Tax audit is mandatory where the turnover or gross receipts
exceeds ₹1 crore
(10 crores) in a P.Y. in case of business
OR where the Gross receipts exceeds ₹50 lakhs in the P.Y. in case of profession. |
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COST AUDIT |
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For Companies |
Section 148 of
Companies Act, 2013 and Rule 3 & Rule 4 of Companies
(Cost Records and Audit) Rules,
2014
Every company whose turnover exceeds
50 crores for regulated Sectors & 100 crores for Non-regulated sector during immediately preceding financial year. |
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