maximum audit by CA
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2011
How many audit do ca in individual Capacity.
Is 20 audits Maximum Limit for CA ?
Is 20 audits Maximum Limit for CA ?
07 March 2011
Section 224 (1B)of the Companies Act,1956 specifies the number of audits of public companies which a Chartered Accountant not in full time employment, or a firm of Chartered Accountants, can conduct which is as follows:
A person can be appointed as an auditor, who is not in full-time employment elsewhere, of a maximum of 20 companies as described below
Where some companies have paid-up capital of or more than 25 Lacs, a person can be appointed as auditor of only 20 companies out of which not more than 10 companies can have paid up capital of or exceeding25 Lacs.
As per the fourth proviso added to sub-section (1B) by the Companies (Amendment) Act, 2000, private companies have been excluded from the existing ceiling of 20 audits per partner and sub-ceiling of 10 audits for companies having a paid up capital of25 Lacs or more. Thus, apart from 20 audits of public companies, an auditor may conduct audit of private companies without any ceiling.
As per Income tax Act,1961, maximum number of tax Audits is 45.
A person can be appointed as an auditor, who is not in full-time employment elsewhere, of a maximum of 20 companies as described below
Where some companies have paid-up capital of or more than 25 Lacs, a person can be appointed as auditor of only 20 companies out of which not more than 10 companies can have paid up capital of or exceeding25 Lacs.
As per the fourth proviso added to sub-section (1B) by the Companies (Amendment) Act, 2000, private companies have been excluded from the existing ceiling of 20 audits per partner and sub-ceiling of 10 audits for companies having a paid up capital of25 Lacs or more. Thus, apart from 20 audits of public companies, an auditor may conduct audit of private companies without any ceiling.
As per Income tax Act,1961, maximum number of tax Audits is 45.
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