18 October 2007
As per co's act 224(1B) ceiling limit is 20. In this 20, not more than 10 shall be in respect of companies having paid up capital of Rs.25L or more. Branch audit, Corporations, Foreign companies, Pvt cos, Special audit are not to be included in above 20.
ICAI Notifications : per member 30 companies including pvt companies. This restriction is intended to uphold the principles of fairness and to provide equitable opportunites to all practising members.
09 November 2007
Thanks for your valuable information Mr.Kapil. Tax audit limit 45 Is there mentioned in ICAI ethics ? Please provide further details regarding this.
19 November 2007
From site of ICAI:- As members are aware, the maximum limit of Tax Audit for a member in practice, as individual or as a partner in a firm, was fixed at 30 as back as in 1989 with the objective of ensuring quality and equitable distribution of work. In view of fast expanding economy and increase in number of such assignments coinciding with enhancement of professional competence of members to perform quality services in an IT-enabled environment, it was decided to review the maximum Tax Audit limit. As such, the Council of the Institute at its 268th meeting held from 30th April to 2nd May 2007 has decided to increase the Tax Audit limit for practising Chartered Accountants, as individual or as a partner in a firm, from 30 to 45.
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