ADVANCE FEE BY AUDITOR
This query is : Resolved
11 March 2010
WHETHER CA CAN TAKE ADVANCE FEE FROM SAID COMPANY IN WHICH HE IS STATUTORY AUDITOR?
HERE THE QUETION IS OF ADVANCE FEE & NOT PROGRESIVE FEE, AS THE AUDITOR HAS NOT DONE ANY KIND OF WORK?
IF NO, THAN IS IT PROPOR?
HERE THE QUETION IS OF ADVANCE FEE & NOT PROGRESIVE FEE, AS THE AUDITOR HAS NOT DONE ANY KIND OF WORK?
IF NO, THAN IS IT PROPOR?
11 March 2010
no. the auditor can not take advance from his client for the audit assignments , but for other assignments/consultancy work i think there is no such restrictions.
11 March 2010
Agreed. Auditor cannot take advance fees for the audit.
I am not 100& sure but my knowledge says that even for consultancy or any work the advance fees (exceeding Rs. 1000) cannot be taken WHILE YOU ARE AN AUDITOR of the company since as an auditor it will violate the regulations of appointment of auditor.
If NOT AN AUDITOR, then i think there is no problem for consultancy or other services.
Experts view solicited.
I am not 100& sure but my knowledge says that even for consultancy or any work the advance fees (exceeding Rs. 1000) cannot be taken WHILE YOU ARE AN AUDITOR of the company since as an auditor it will violate the regulations of appointment of auditor.
If NOT AN AUDITOR, then i think there is no problem for consultancy or other services.
Experts view solicited.
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