Audit fee
This query is : Resolved
30 October 2010
X &Co., a chartered accountants firm has been appointed as a statutory auidtor for ABC & Co. Ltd for the financial year 2010-11 at the auidt fee of Rs.30000/-.
Previuos auditor Y & Co.,has been getting audit fee of Rs.50000/-.
Can X & Co. accept the assignment for the FY 2010-11?
Previuos auditor Y & Co.,has been getting audit fee of Rs.50000/-.
Can X & Co. accept the assignment for the FY 2010-11?
30 October 2010
Yes now he can accept as the rule for not accepting assignment at a fees lower than what was paid to the previous auditor has been removed.
Message likes :
1 times
30 October 2010
I think X & CO, CAN NOT ACCEPT
30 October 2010
Aditya Ji, may I request you to provide the relevant notification of ICAI in this regard.
30 October 2010
Substituted by the Chartered Accountants (Amendment) Act, 2006 and came into force w.e.f. 17.11.2006
The point for undercutting has been removed in the new schedule.
Visit this link where the point for undercutting has been removed
http://www.mca.gov.in/Ministry/actsbills/pdf/The_Chartered_Accountants_Act_2006.pdf
and
http://www.icai.org/post.html?post_id=276&c_id=218
It was there in the old first schedule given here
http://www.icai.org/post.html?post_id=735
clause (12) in the old one.
In case of any further details required or confusion in the same feel free to ask for the same.
The point for undercutting has been removed in the new schedule.
Visit this link where the point for undercutting has been removed
http://www.mca.gov.in/Ministry/actsbills/pdf/The_Chartered_Accountants_Act_2006.pdf
and
http://www.icai.org/post.html?post_id=276&c_id=218
It was there in the old first schedule given here
http://www.icai.org/post.html?post_id=735
clause (12) in the old one.
In case of any further details required or confusion in the same feel free to ask for the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- FORM 26A APPLICABILITY
- Value of property in capital gain
- Copyright software
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
