Audit of pvt company

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Querist : Anonymous

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02 December 2014 sir small pvt co like having turnover 10k- 85k also required statutory audit and audit report
or we can directly submitt p&l B/s to IT dept. as well as ROC

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 for this amount of turnover for private ltd co no audit like statuotry or internal audit is applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2014 sir then what is the turnover limit of pvt co.for statutory audit

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 its not turnover but paid up capital which should be more then 20 Crores or borrowings more then more then 50 Crores.

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2014 sir we are having some pvt companies whose turnover is less then 10 lacs and share capital is 1 lacs .we do audit,ca do sign and file return before 30 sept and file annual return with ROC
then as per co act this type of pvt co will be considered in 20audit of pvt co.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 private co audit is not counted for audit limit.

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2014 as per company act 2013 a ca can do 20 audit of pvt co.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 yes no issues about that.....................

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2014 i didnt understand... it means we dont need to consider pvt co. in celling limit

isnt it..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 yes u understood correctly.

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2014 but sir in company act there clear mention 20 audit of pvt co.
how its possible, wat excatly meaning of 20 pvt co.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 where they mentioning 20 and private co...pls quote section number?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 December 2014 "for this amount of turnover for private ltd co no audit like statuotry or internal audit is applicable."

Please refer to above reply. Statutory Audit is applicable irrespective of any turnover.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 December 2014 yes agreed with your views....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 December 2014 Section 139 (1) is for appointment of Auditors. Where is the limit mentioned for Audit? Please quote the relevant extract of the section.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 December 2014 Tushar you have stated "its not turnover but paid up capital which should be more then 20
Crores or borrowings more then more then 50 Crores (For Statutory Audit of Companies)"

Where it is mentioned. I again reiterate that Statutory Audit is mandatory for all companies irrespective of any turnover or Paid up capital or Borrowing Limit. These are basics and you should be aware of it.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 December 2014 Gupta ji is undoubtedly correct.

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 but sir i m still confused.. which type of pvt company will be considered in 20 audit of pvt company....
please advice me

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 December 2014 For the cap of 20 companies,as per section 141(3)(g) of the Companies Act 2013, there is no distinction between private and public limited companies.

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 i understood sir, it means whatever is turnover ,paidup capital and borrowing of pvt company every pvt co. will be considered in cap. of 20 companies

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 sir actually we have pvt company audit ,some of them are tax audit and some are below tax audit limit
my query is this that a ca can do sign 20 audit of pvt companies as per company act 2013 (including tax audit if any)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 yes sanjay bhai is correct i have mistakenly applied sec 139(2) limit of rotation of auditors to this case.

error is regretted

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 but sir my query is still unsolved

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 warrier sir have already answered your querry.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 December 2014 Tax Audit limit is 60. Statutory Audit limit is 20. Don't mix these two.

Rupesh Jain

Rupesh Jain (Expert)
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03 December 2014 you have to take audit report under the company act.
and file the return w/o tax audit report under the income tax act.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 tax audit report is never taken in company;'s act @ mr rupesh jain.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 December 2014 Tushar, Rupesh has written Tax Audit Report under the Income Tax Act.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 sanjay bhai now there is no mistake from my side he has clearly written under companies act

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 and now he has rectified it.................

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 December 2014 Tushar it is still the same. Reproduced below:

"you have to take audit report under the company act. and file the return w/o tax audit report under the income tax act."

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 December 2014 Sanjay bhai original was wat i wrote above b4 1st time u saw it.