24 July 2015
Hello Sir/madam
please give me a solution for below query
If CA "M" is a director of a Co. "A".
Co "A" is writing books of accounts of various entities. Audit, preparation of financial statements etc. of these entities are done by a CA "M"
is it attract applicability of Clause 4 of part I of 2nd Sch. to CA Act.
Thank You
24 July 2015
If 'M' has no 'substantial interest' in the Auditee, attestation can be done on the works done by 'A', provided 'specific' permission of ICAI is obtained by 'M' to become a director in 'A'.
Ps:- for 'substantial interest' pl see clause B (II)(i) of Appendix F of CA Regulations, 1988.
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