No of audit under Comapny Act

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Pravin Kulkarni

Pravin Kulkarni (Querist)
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03 October 2008 Is there any limit as per Company law or institute norms for audit of private limited companys.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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03 October 2008 Your query is not clear. Limit inrespect of what audit?

PIYUSH JAIN

PIYUSH JAIN (Expert)
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03 October 2008 THE Central Council of the Institute of Chartered Accountants of India (ICAI) has mandated that a partner of a firm of chartered accountants in practice cannot at any time hold appointment of more than ``30 audit assignments'' in respect of ``private com panies or other companies.''

This overall limit comes with a caveat that the number of audit assignments of public companies, each having a paid-up share capital of Rs 25 lakh or more, that can be taken up by a partner of a firm should not exceed 10.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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03 October 2008 According To Sec.224(1B) of Companies Act, 1956
Limit is 20 companies out of which not more than 10 companies shall not be having paid up share capital of more than 25 lakhs.

in calculation of above, pvt.ltd companies are not considered.

CA V. Mohanakrishnan

CA V. Mohanakrishnan (Expert)
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03 October 2008 the referred audit is in respect of statutory audits.

as stated by mr.srinivasaraghvan please state the question clearly

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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10 June 2009 According To Sec.224(1B) of Companies Act, 1956
Limit is 20 companies out of which not more than 10 companies shall not be having paid up share capital of more than 25 lakhs.

in calculation of above, pvt.ltd companies are not considered.

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