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Recommended audit fees

au (Finance) (34 Points)

28 April 2015

hi! i am part of a small private ltd company. we just started operations in india, and i am wondering what would be the recommended audit fees for us. our current CA is charging us between Rs 2.5 - 3.0 lakhs. our operation is relatively small, we haven't even had a profit. thanks!

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4 Replies

LCS AJAY IYER (Sr Executive: Taxation) (41 Points)
Replied 28 April 2015

There is no specific code or Limit for Audit fees quoted by professionals, there are many factors by which fees is decided. Just for an example VAT Audit can be carried out in 10,000 Rs as well as 50,000 Rs depending upon the Nature of business,volume,no of transactions, exp of Professional.

CA Vijay Jain (Chartered Accountant) (176 Points)
Replied 28 April 2015

Dear, Just like the other professions there is a place for bargaining in fees for audit. In a fully competitive environment you will find that there are many chartered accountant who will charge just rs. 25000-50000 for your work while on the other hand fees may be go beyond rs. 1000000/-. So just try the best suitable person as per your requirement and enjoy....

Vivek Singh (Student CMA) (107 Points)
Replied 28 April 2015

There are plethora of CA firms. Sort out some good firms according to your choice and then know their fees structure. Select the best as per your need. If you think they are charging too much you are very much free to appoint another CA firm.

karan jit singh (Consultant) (1299 Points)
Replied 21 June 2015

Dear

It doesnt matter how much your company earn, the only thing that matter the most is the services you get from the auditors. As what we did , we throughout the audit analyse and review the system of company and suggest the neccessary changes that the company require the most.
If the quality of services provided by your auditor is compatible with the fees then its my personal advise to continue with your auditor, but if services do not match then search for the auditor through your business & personal contacts for the F.Y 2015-16.