Audit fees and consultancy fees

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CA.Pravinchandra (Querist)
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20 March 2012 If Statutory Auditor is giving some consultancy services to same client, Whether such consultancy fees can exceed Statutory Audit fees received by such client? Or any restriction is there..?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 March 2012 Can't accept any other work/assignment/service on a remuneration, which exceeds the fees payable for statutory audit of the same undertaking. (Applicable only in respect of statutory audits of public sector undertaking/Govt. Companies/Listed companies/other public companies with turnover of Rs. 50 crores or more in a year for appointments after 1st April, 2002
Ref: Notification No. 1-CA(7)/60/2002 published in CA Journal-March, 2002 issue.

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