what comes within the ambit of audit?

naresh g

2012-03-04 10:16:16 UTC

i have a proprietoty business with a gross turnover of over rs. 3 crs this year . this business is in its first year so first audit, but i have been doing other business where in we lend money on interest and also get commission from booking travel tickets. now the question is does all the activity of mine fall in the ambit of AUDIT. since comission business no accounts is maintained other than the source of commission and tds deducted certifcates. how audit can be done in this case.

as per my auditors i have to now write down each and every transaction from where commsiion is generated . and audit takes place for all firms.
while another reputed auditor said audit takes place for all but income from commission is only declared income and self assessed so audit will be done only for the firm having trading and turnover over 60 lakhs and income from other sources would be filed for assesment without audit..

please can anyone give a clear idea about this issue.
I am from INDIA .

regards
nbg