audit celing

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ankitaggarwal4u (Querist)
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05 May 2008 what is th no. of Co. audits a CA can pursue under Cos. Act?
and what is the over all limit of audits under ICAI guidelines?
is it 30 or 45??
me fultoo confused
plz elaborate
thnxz

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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05 May 2008 for tax audit under the income tax act is 45

ankitaggarwal4u

ankitaggarwal4u (Querist)
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05 May 2008 thnx for response sir
n is thr any limit for 30 co audits also

Reetika Goel

Reetika Goel (Expert)
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05 May 2008 The ceiling limit [u/s 224(1B)of Companies Act] of company audit for a chartered accountant is 20. Provided, not more than 10 companies under audit have paid up capital of Rs. 25,00,000 or more.
This 20 audit limit does not include:
- Branch Audit
- Private Company Audit
- Special Audit
- Foriegn Company Audit
- Audit of Corporation &
- Guarantee Company.

However the overall audit limit inclusive of Private company is 30.

If a CA holds more than 30 company audits, he will be guilty of professional misconduct.

ankitaggarwal4u

ankitaggarwal4u (Querist)
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05 May 2008 thnx mam
one thing still creepink k u said over all limit is off 30 company audits inclusive of pvt. cos.
but than what is that limit of 45 tax audits?
does that ceiling of 45 will include 30 comapany audits also?