Ceiling limit of audits

Page no : 2

Sudhir Todkar (CS Professional) (1021 Points)
Replied 26 May 2017

We have to follow both the act ( CA & Company). To appoint or reappoint as a auditor of a company he/she give his/her consent in prescribed form to act a auditor.

Hemant sahoo (Student CA Final ) (50 Points)
Replied 26 May 2017

Bhai Tum kya bol Raha hai tumko khud Ko Ni pata...Kavi directorship to Kavi consent ka baat kar Raha haii

Sudhir Todkar (CS Professional) (1021 Points)
Replied 26 May 2017

In that form auditor declares that he is not disqualified (141) to be appoint as an auditor of that company.

Hemant sahoo (Student CA Final ) (50 Points)
Replied 26 May 2017

I have already mentioned that both acts need to be followed.u r continuosly saying limit is 20 ..go n check ur comments mentioned above..

Ravi Kiran Vustela (Knowledge Seeker) (1353 Points)
Replied 26 May 2017

It's overall 30 companies.. including ... 141(3)(g) exemptions

1 Like

Siddharth Goel (Chartered Accountant) (3026 Points)
Replied 02 July 2018

Hi,

The Companies Act, 2013 limits the number of audits to 20 excluding 4 types of companies:

1. OPC

2. SMALL

3. Dormant

4. Private companies having Paid up Capital < 100 crore

As per council guidelines, the number of audits is limited to 30 comapnies but there are no exclusions for the above 4 types of companies.

So combined interpretation can be:

Limit of 20 excluding 4 types of companies mentioned above.

Limit of 30 including 4 types of companies mentioned above.

1 Like

muhammed anas (4 Points)
Replied 15 November 2018

on 23/08/2018 icai has amended tax audit limit to 60 (30 to 45 then 45 to 60) as per ICAI audit limit is 60 ,it includes firm, company individuals etc.as per companies act the limit is 20 but it is applicable only to companies then in the 60 audit ,company* audit is limited to 20 balance 40 we can utilize for other type of person' sudit(i.e individual,firm,pvt company below 100 crore paid up capital,small company ,one person compny) company* means all public companies and pvt company having paid up capital above 100 crore

muhammed anas (4 Points)
Replied 15 November 2018

as per ICAI on 23-08-2018 audit limit has increased from 45-60 (30 to 45 then 45-60) it include all type of audit

but companies act also prescribe the limit which is 20 but applcable only to specified companies

suppose we have total 68 audit requirement in which 30 companies are specified companies and 38 are include others (individual firm ,companies other than specified companies(pvt company having capital below 100 crore,on person c,small company ))then we can accept 20 only out of 28 then we can choos up to 40 ,here we have 38 then total 20+38 =58 audit we can take