Aryan & Aarav, an LLP having turnover of ₹ 45 lakh and contribution of the partners exeeding ₹ 30 lakh in F.Y. 2018-19 is seeking your advice in the following matters: Is LLP subjected to audit ? State the reason.

The accounts of LLP shall be audited in accordance with Rule 24 of the Limited Liability Partnership Rules, 2009. The audit is required only in those cases where the turnover exceeds ₹ 40 lakh and where the contribution exceeds ₹ 25 lakh. Hence, in the given case since, both the criteria has been fulfilled, it requires to conduct audit.