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Conflict of interest

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Querist : Anonymous (Querist)
05 June 2018 Kindly clarify provision of companies Act and income tax act , where father is the director of a college registered under religious trust and his son is appointed as a statutarry auditor of the same college,the college is run by a governing board where the director signs the financial statements.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 June 2018 a basic thing. If it is a trust, the companies act doesn't apply. ICAI Ethics standards desist but not bar such appointment. Income-tax act doesn't put any bar on such appointment.

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