Novel LLP, Trademark & Patent Attorneys, have been successfully running their business for the last five years. They have fixed assets in the form of intangibles (software) worth ₹75 lakh in their balance sheet. Advi

According to Section 34(4) of the Limited Liability Act, 2008 provides that the accounts of a LLP shall be audited in accordance with such rules as may be prescribed. According to Rule 24 of LLP Rules, 2009 a LLP whose turnover does not exceed in any financial year ₹40 lakh or whose contribution (whether tangible or non-tangible) does not exceed ₹25 lakh is not required to get its accounts audited. The audit of LLP may be done by a Chartered Accountant in Practice only. An auditor or auditors of a limited liability partnership shall be appointed for each financial year of the LLP for auditing its accounts. [Rule 24(10)] Considering the contribution in the form of fixed assets (software) amounting to ₹75 lakhs Novel LLP Trademark & Patent Attorney are required to get the accounts audited.