Tax And other statutory Audit

This query is : Resolved

Hitendra K. Agrawal (Querist)
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20 March 2008 Suppose firm named ABC (partnership firm)
has following palses of bussiness
1)Ahmedabad (H.O.)
2)Vadodara (Branch)
3)Bihar(Branch)
4)Jaipur(Branch)
then for the purpose of tax and other statutory audit how the audit will be conducted.i.e.Seperate audit for seperate branch and H.O. as per the criteria specified (like turnover) in the Act or we go by cosolidation of all the accounts and conduct audit only of H.O.

What would be the situation in case of company.(i.e. statutory audit under the Companies Act,1956.

CA.Aman Dugar

CA.Aman Dugar (Expert)
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20 March 2008 Irrespective of no. of branches since the entity is filing a single return, there4 consolidated audit needs to done

KAAPIL

KAAPIL (Expert)
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20 March 2008 Yes.

Chintan Gajjar

Chintan Gajjar (Expert)
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20 March 2008 Consolidated accounts are to be audited and Consolidated balance is nothing but total of balances of Branches hence it is necessary that branch audit should be undertaken.