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Query relating to ceiling on number of audits..

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Guest

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Guest (Querist)
14 October 2009 Query relating to ceiling limit on audit u/s 224 (1B) of Companies Act, 1956:
Suppose there are three partners X, Y and Z in a CA firm XYZ & Co.
X is also having proprietorship concern and have 10 assignments for the purpose of section 224 (1B).
Now my query is that whether X can sign more than 10 balance sheet in the name of firm or not?
Please reply with reference of specific section or notification.
Thanks in advance.
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sunny bansal

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sunny bansal (Expert)
15 October 2009 it is specifically mentioned in the section 224(1b)as X cannot sign the balance sheet of more than 20 companies out of which not more than 10companies having paid up share capital of or more than 25 lakhs i.e.public company & joint audit statutory.

Pvt.co, corporation,society,tax audit,special audit,vat audit etc. is not included in the ceiling limit. pls refer "munish bhandari book" for ca final.
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