Audit Qualification on continuance of Business after Death of one of the partner
This query is : Resolved
Quick Summary
01 September 2023
Hi,
A partnership firm is registered with 2 partners and one partner dies in March 2021 , but the firm continues its business activities till date and files his GST and Income Tax return in Firm status. As one of the two partners dies, the firm should be dissolved as the number of partners after death is below 2.
This year the turnover is above 2 crore and its liable for 44AB audit. Please advice whether an auditor can accept the engagement and if yes, what audit qualification has to be put on the audit report and other matters also.
A partnership firm is registered with 2 partners and one partner dies in March 2021 , but the firm continues its business activities till date and files his GST and Income Tax return in Firm status. As one of the two partners dies, the firm should be dissolved as the number of partners after death is below 2.
This year the turnover is above 2 crore and its liable for 44AB audit. Please advice whether an auditor can accept the engagement and if yes, what audit qualification has to be put on the audit report and other matters also.
CA R SEETHARAMAN
(Expert)
01 September 2023
Advice the firm to include legal heir or some other person to include as partner and continue the business.
If he is not accepting don't accept the audit.
If he is not accepting don't accept the audit.
CA R SEETHARAMAN
(Expert)
02 September 2023
You are welcome..
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