“We already did our audit” often means one of three very different exercises. Knowing which applies to you prevents both duplication and gaps.
Statutory audit — company law
Every company, every year, regardless of size or profit: an independent auditor audits the financial statements for a true and fair view. LLPs join this club only past notified thresholds.
Tax audit — income tax law
Triggered by turnover/receipts crossing prescribed limits (with a relaxed limit for highly digital businesses): a prescribed-format report on tax compliance items, filed before the extended ITR deadline for audit cases.
GST audit and scrutiny — GST law
The regime now centres on self-certified annual reconciliation past thresholds, alongside departmental audits and scrutiny selected by the administration.
How they interact
- A company above tax-audit limits undergoes both statutory and tax audit — coordinated, they share most groundwork
- Clean monthly books make all three routine; messy books make each one painful separately
One firm, all three handled coherently — audit services · scope yours.
