Ceiling on No. of audits & certificate to be given to compan

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This query is : Resolved

Guest

Guest (Querist)

16 December 2008 Hi
The auditor of company is required to submit a certificate stating that if his appointment will be made it will be within the limits as specified in sec. 224(1B).
My query is whether this provision is applicable to statutory auditors or it is also applicable for internal auditors i.e. whether internal audit will be considered for calculating specified limits?
Thanks in advance

Ravikumar.G

Ravikumar.G (Expert)

16 December 2008 Not for internal auditors. Only for statutory auditors.

Ravikumar.G

Ravikumar.G (Expert)

16 December 2008 further latest announcements :

Internal Auditor cannot be appointed as a Tax Auditor - (12-12-2008)

The Council in its 281st meeting held from 3rd October, 2008 to 5th October 2008 at New Delhi considered an issue arising from the Guidance Note on Tax audit under section 44AB of the Income-tax Act,1961 as to "Whether the internal auditor of an assessee, being an individual chartered accountant or a firm of chartered accountants can be appointed as his tax auditor".

The Council decided that an internal auditor of an assessee, whether working with the organisation or independently practising chartered accountant or a firm of chartered accountants, cannot be appointed as his tax auditor

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