Audit Fees

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Nandan (Querist)

06 February 2009 Is there any minimum fees for doing Statutory audit?
as I come to know that minimum audit fees should be Rs.5000/-

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

06 February 2009 Yes. Pl visit www.icai.org > members > council guidelines > council guidelines2008 > chapter X11.

VINAYAK D PRABHU

VINAYAK D PRABHU (Expert)

06 February 2009 AS DECIDED BY ICAI :
FIRM
(a) consisting of 5 or more partners but less than 10 partners with at least one
partner holding a certificate of practice for five years or more; or
(b) consisting of 10 or more partners with at least one partner holding a certificate of practice for five years or more.
Practising firm having Practising firm having 5 or more partners but 10 or more partners less than 10 partners
(i) In cities with population Rs. 6000/- p.a. Rs. 12,000/- p.a of 3 million and above. . .(as per the last census)
(ii) In cities/towns having population of less than Rs. 3500/- p.a Rs 8000/- p.a 3 million. . .(as per the last census)
Provided that such restriction shall not apply in respect of the following: -
(i) audit of accounts of charitable institutions clubs, provident funds, etc.
where the appointment is honorary i.e. without any fees;.
(ii) statutory audit of branches of banks including regional rural banks;
(iii) audit of newly formed concerns relating to two accounting years from the
date of commencement of their operations;
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(iv) certification or audit under Income-tax Act or other attestation work
carried out by the Statutory Auditor; and
(v) Sales Tax Audit and VAT Audit.

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