Tax audit of a public ltd company
This query is : Resolved
16 August 2013
I have been doing tax audit of a public limited company for past 3 years from AY 2010-11 to AY 2012-13.
For current year of AY 2013-14 I have been co-ordinating with the Head of Finance dept.for past 3 months. He didn't give me appointment letter neither he told me that he is cancelling our tax audit this year.
I have made certain preparations for the audit of the same for this year.
Now suddenly the management is saying that we shall cancel your audit relating to Fees issues.As they are getting other auditors in less charges.
Please tell me that whether I should allow them to cancel the audit. Is there any rules for under-cutting as per C.A. institute.
If i do not permit new auditor to conduct the audit under such circumstances (Under - cutting of Fees & Late information)than please tell me that whether i i am doing something wrong.
Further please tell me what are my rights in such a case. What should i do in such a case.
Please quote the rules of C.A. Institute in this regards.
Please reply
Thanks in advance
For current year of AY 2013-14 I have been co-ordinating with the Head of Finance dept.for past 3 months. He didn't give me appointment letter neither he told me that he is cancelling our tax audit this year.
I have made certain preparations for the audit of the same for this year.
Now suddenly the management is saying that we shall cancel your audit relating to Fees issues.As they are getting other auditors in less charges.
Please tell me that whether I should allow them to cancel the audit. Is there any rules for under-cutting as per C.A. institute.
If i do not permit new auditor to conduct the audit under such circumstances (Under - cutting of Fees & Late information)than please tell me that whether i i am doing something wrong.
Further please tell me what are my rights in such a case. What should i do in such a case.
Please quote the rules of C.A. Institute in this regards.
Please reply
Thanks in advance
17 August 2013
1. You may raise objection. New Auditor may not accept the appointment until agreed and due audit fee is paid to the previous Auditor.
2. You may get help from Ethical Standards Board under the provisions of 'unjustified removal of Auditors".
2. You may get help from Ethical Standards Board under the provisions of 'unjustified removal of Auditors".
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