Provision for Audit fees ?
This query is : Resolved
Vijay Parmar
(Querist)
16 July 2010
one ltd company incurred current year loss. hence company does not provided provision for audit fees ???
its correct ???
or compulsory to provide audit fees provision ????
its correct ???
or compulsory to provide audit fees provision ????
16 July 2010
No.
Its not Correct.
Provision has to be made, specifically where the Company is required to do Audit.
Irrespective of LOSS.
See also application of CONSERVATISM Concept.
Its not Correct.
Provision has to be made, specifically where the Company is required to do Audit.
Irrespective of LOSS.
See also application of CONSERVATISM Concept.
CA Sanat Pyne
(Expert)
16 July 2010
AGREE WITH SRIKANTH JI
Rahul Gupta
(Expert)
16 July 2010
Agree with Experts. Audit Fees is an expense. In case, audit is required to do, then fees need to be paid. It is not in wanyway related to loss.
15 March 2011
You need to make provision for all the expenses. Not only audit fees but all other expenses for the period need to be provided for even if the company is making loss...
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