Audit fees

This query is : Resolved

samir (Querist)
Follow

13 October 2011 Hello Experts,

A friend and I recently started a Pvt Ltd. We took the help of a friend's father who is a CA for auditing and filing. The audit fees that he charged, seemed very high to us - however, he claimed that this was the least, as per the ICAI standards. I've been searching for a link that can support his claim but haven't been able to find such.

Can you please point me to any source? We are considering that utilizing the resources of some other CA if it turns out that this gentleman is indeed charging on the higher side.

After a lot of searching, I stumbled upon this website. I would appreciate any help in this regard from any expert.

Thank you.

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
Follow

13 October 2011 www.icai.org/resource_file/15785ann_revised_fee_scale.pdf

VI) AUDIT WORKS and OTHER ASSINGMENTS
will be on the basis of time devoted and will be Billed accordingly.

(On Time Basis)
(a) Statutory Audit, Tax Audit, Internal Audit, Accountancy
and Secretarial Work:
(i) Principal Rs. 900/- to 1,800/- Per hour
(ii) Qualified Assistants Rs. 450/- to 900/- Per hour
(iii) Semi Qualified/Other Assistants Rs. 150/- to 300/- Per hour

(b) Taxation Work:
(I) Principal Rs. 1,500/- to 3,000 per hour
(ii) Qualified Assistants Rs. 750/- to 1,500/- per hour
(iii) Semi Qualified/Other Assistants Rs. 300/- to Rs. 600/- per hour

Subject to minimum indicative Fees as under:
(i) Tax Audit Rs. 10,000/- & Above
(iii) Company Audit
(a) Small/ Inactive Pvt. Ltd. Co. Rs. 5,000/- & Above
(b) Medium Size Pvt. Ltd. Co. Rs. 10,000/- & Above
( c) Large Size Pvt. Ltd. Co./ Public Ltd. Co. Discretionary
(iv) V.A.T. Audit Rs. 10,000/- & Above
(v) Review Of TDS Compliance Rs. 3,000/- per quarter

(vi) FBT: Compilation & Tax Payment Calculation Rs. 3,000/- & Above Per Quarter
(viii) FBT Yearly Return Rs. 5,000/- & Above
(ix) Transfer Pricing Audit Rs. 50,000/- & Above

VII) INVESTIGATION, MANAGEMENT SERVICES OR SPECIAL ASSIGNMENTS

(a) Principal Rs. 2,250/- to 4,500/- per hour
(b) Qualified Assistant Rs. 1,125/- to 2,250/- per hour
( c) Semi-Qualified/Other Assistants Rs. 375/- to 750/- per hour

Giving expert evidence in courts of law in the Union of India according to professional standing of the witness Rs. 7500 to Rs. 15000 for each day or part thereof, spent in attendance and/or travelling

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now