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Audit qualification

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(Querist)
07 January 2012 if Mr.X have SB/CC or any other account in bank then is he qualified for statutary audit for that bank?
2.
if mr. X is a Partner of XYZ & Co. then XYZ & co. is qualified for that audit of bank?
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Nishant

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Nishant (Expert)
08 January 2012 Kaushik,

SB Account wont affect the eligibility. What affects is the liability due towards the auditee which affects the Independence of the auditor.

So Cash Credit Account will surely deter the independence and so will be disqualified.

In the case, individual is a partner in firm, still the firm will be disqualified.
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