Audit
This query is : Resolved
12 October 2013
who can do an audit of c.a. firm???
12 October 2013
Only a charrtered accountant as per CA Act,1949 in practice can do audit of ca firm.
12 October 2013
A chartered accountant in practise who is eligible to appointed as tax auditor
12 October 2013
There is no statutory requirement for audit of a partnership firm.
A CA firm is required to appoint a tax auditor only if under 44AB is applicable.
Section 44AB use the word "accountant" which, though not defined in the Act as such, finds reference in Form 3CA/3CB as "Chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949)"
However, form 3CA/3CB also allow audit by:
(i) any person who, in relation to any State, is, by virtue of the provisions of sub-section (2) of section 226 of the
Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State; or
(ii) any person who is, by virtue of any other law, entitled to audit the accounts of the assessee for the relevant previous
year.
A CA firm is required to appoint a tax auditor only if under 44AB is applicable.
Section 44AB use the word "accountant" which, though not defined in the Act as such, finds reference in Form 3CA/3CB as "Chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949)"
However, form 3CA/3CB also allow audit by:
(i) any person who, in relation to any State, is, by virtue of the provisions of sub-section (2) of section 226 of the
Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State; or
(ii) any person who is, by virtue of any other law, entitled to audit the accounts of the assessee for the relevant previous
year.
13 October 2013
The word "Accountant" has been defined under sec 288(2)(b)of income tax act,1961 which means Chartered Accountant as defined under Chartered Accountants Act ,1949.
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