19 May 2016
dear sir/madam, i am a partner in xyz & associates which consist of 2 partner me and my senior and we have alloted dd bank audit we have completed it for 1 yr and now i am willing to make my separate firm and immediately merge in xyz & associates without changing the name(xyz &associates ) is it make any impact on our bank audit in next year,and after few years if i get separated from xyz & associates will my own firm experience will be counted or not.
19 May 2016
01. your experience in the earlier firm will be counted. No problem. 02. you said you want form your separate FIRM....do you mean partnership firm or proprietory?
19 May 2016
sorry for personal question...but why en-route.....directly admit the new person in your existing xyz & associates. It will solve your queries automatically, isnt it?
19 May 2016
because my partner is not maintaining the transparency and if in future any controversy occurs between us so i will get separated with my firm name and experience and add new partner in my firm
19 May 2016
that is ok Jaideep. As i said, it is quite personal matter. Anyway, the answer is.....if your dd bank has no issues, your new firm can continue doing the audit.
19 May 2016
sir one question plz , if i make firm abc & co. and merge in firm xyz & co. and the name remain same i .e xyz and co,then also we can do audit of dd bank without any legal issue ,secondly i am doing so because if in future any disagreement occurs i can be separated with my firm abc&co as well as experience, if i did not do so then after separating i have to create new firm with 0 experience is it correct
19 May 2016
No, not really.... even if you retire from the xyz & associates at the moment, your experience will be counted. Only thing is you should have signed the audit report while in xyz & associates.
19 May 2016
sir i am not only talking about bank audit but age of firm, it is obvious that an FCA after separation have create new firm he as a person have experience but while allotment of new audit the age of firm is also important criteria is it so......?
20 May 2016
criteria differs from tender to tender (Assignment to assignment). So far as I have seen the criterion, they specifically ask about the experience of each partner...irrespective of / in addition to the AGE of the FIRM.
CAclubindia
