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ARTHI (Querist)
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21 October 2014 Dear Experts / Friends,

Please reply the following THREE QUERIES, if possible.

Can an Auditor continue for more than 10 Years without a break in the Company, which is a Private Limited having just Paid up Capital of Rs.1 Lac and Turnover less than a Lac?

What is the Specified Number of Statutory Audits for an Auditor from the Financial Year 2014-15 onwards?

Please confirm, the limit of 30 Statutory Audits was applicable till the Financial Year 2013-14 only.

Thanks to all in advance.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 October 2014 1. Yes.

2. w.e.f 1.4.2014 , 20 companies per section 141(3)(g) of 2013 act.

3. Till fin yr 2013-14, 20 companies (pvt ltd co's excluded) vide explanation 1 to section 224(1C) of 1956 act.

ARTHI

ARTHI (Querist)
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21 October 2014 Sir,

Thanks for your replies.

However, I may mention FYI that as per GUIDELINES FOR THE MEMBERS OF ICAI,

the “specified number of audit assignments” means –

a. in the case of a Chartered Accountant in practice or a proprietary firm of
Chartered Accountant, thirty audit assignments whether in respect of private
Companies or other Companies.

Hence, the limit of 30 Statutory Audits was applicable till the Financial Year 2013-14 only.

Please confirm, if possible.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 October 2014 I am prevented to comment, being a member of ICAI.

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