For Companies(Private Limited or Public Limited)

It is compulsory to get  Audit  from CA as per Companies Act

Turnover is not important

This Audit is called Statutory Audit

For Non Companies(Proprietorship/Partnership)

Compulsory For  Business

If Turnover greater than 1 Crore (2 Crore in 2016-17)

If Turnover upto 1 Crore (2 Crore in 2016-17) and Showing less than 8% Profit (Read More)

If upto 10 trucks and showing less than 7500 per truck Profit per month (Read More)

Compulsory for Professionals

If Gross Receipts > 25 Lacs

This Audit is called Tax Audit

Internal Audit

This is done by companies to check whether Policies and Procedures of Company are followed properly or not

This may be done by an employee or a Outside person (who may or may not be a CA)

When is Internal Audit Compulsory

Internal Audit is compuilsory if

a) every listed company; Always applicable

(b) every unlisted public company having–

(i)    paid up share capital of fifty crore rupees or more during the preceding financial year; or

(ii) turnover(income) of two hundred crore rupees or more during the preceding financial year; or

(iii)    outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or

(iv)    outstanding deposits of twenty five crore rupees or more at any point of time during the preceding financial year; and

(c) every private company having–

(i) turnover of two hundred crore rupees or more during the preceding financial year; or

(ii)   outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year: