SEC: 224(1B) OR ICAI NOTIFICATION

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Guest

Guest (Querist)

06 February 2010 A CA can perform 20 co. audit of which 10 public co. will be co. in which the paid up capital is 25lacs or above.

where does this written? is it in sec: 224(1B) or on ICAI notification issued under CA act 1949.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 February 2010 The Companies (Amendment )Act,1974 added two new sub sections,viz., 224(1B) and 224(1C), with a view to restricting the number of Companies in which a person can be appointed an an auditor. U can see the wordings of the query in section 224(1B).

Rahul Gupta

Rahul Gupta (Expert)
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07 February 2010 Section 224(1B)> On and from the financial year next following the commencement of the Companies
(Amendment) Act, 1974 (41 of 1974), no company or its Board of directors shall appoint or reappoint
any person who is in full-time employment elsewhere or firm as its auditor if such person
or firm is, at the date of such appointment or re-appointment, holding appointment as auditor of
the specified number of companies or more than the specified number of companies :

Explanation I : For the purposes of sub-sections (1B) and (1C), "specified number" means, -
(a) in the case of a person or firm holding appointment as auditor of a number of companies each
of which has a paid-up share capital of less than rupees twenty-five lakhs, twenty such
companies;
(b) in any other case, twenty companies, out of which not more than ten shall be companies each
of which has a paid-up share capital of rupees twenty-five lakhs or more.

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