Comment on the following: (v) The Financial Statements of Limited Liability partnership are nor mandatorily required to be audited by a Chartered Accountant.
CS Executive · Setting up of Business Entities and Closure · PYQS · June 2019
Comment on the following: (v) The Financial Statements of Limited Liability partnership are nor mandatorily required to be audited by a Chartered Accountant.
Answer & Explanation:
The Statement is incorrect, because as per Rule 24 of LLP Rules, the LLPs whose annual turnover exceeds ₹ 40 lakhs or whose Capital Contribution exceeds ₹ 25 Lakhs are required to get their accounts audited by a qualified Chartered Accountant mandatorily for each financial year.
Topics: Limited Liability Partnership (LLP)
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