ICAI | Exposure Draft of Standard for Audit of Smaller and Less Complex Entities

Chapter 1

Applicability of SA-SLCE

Definition

Smaller and Less Complex Entity (SLCE) means an unlisted entity which satisfies all the following conditions -

1. Entity which is not a company.

2. Entity whose turnover/ gross receipts is not exceeding rupees 50 crore in the last audited annual financial statements.

3. Entity whose turnover/ gross receipts is not exceeding rupees 50 crore in the accounting year under audit.

4. Entity whose investment in plant and machinery or equipment is not exceeding rupees 10 crore as on the first day of the accounting year under audit.

5. Entity which is not into the business of Banking/Insurance/NBFC at any time during the year.

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