I’m curious — is an audit compulsory for all businesses, or does it depend on certain factors like size, revenue, or type of business? I’d love to hear how this works in practice.
No, not every business has to have audit. It applies as a mandatory requirement to some entities such as all companies (irrespective of size), and other businesses (such as proprietorships or partnerships) that meet certain criteria in turnover or gross receipts set by tax and corporate legislation.
No, audit is not compulsory for all businesses. It depends on the business type, turnover, and legal structure. Small businesses below the prescribed turnover limits are generally exempt from mandatory audits.
