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Audit query

10 October 2009

Wht shall b the ceiling limits for a CA doing part time practice and part time employement..while calculating his ceiling limits of audit appointments that he can accept ?????

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7 Replies

KARAN SHARMA (Service) (81 Points)
Replied 10 October 2009

As far as i am concerned there is no such concept, as part time COP does not even carry attestation service.

CA. Megha Topiwala (Job) (1534 Points)
Replied 10 October 2009

Karan Sir....

as far as acceptence of audit assignment is concern ... a part-time practising CA can accept the appointment.... bt i hv doubt regareding the no of audits engagements that can b accepted????

KARAN SHARMA (Service) (81 Points)
Replied 11 October 2009

Miss. Megha

You are rite in saying C.A in Part time practice can accept audit assignment as internal auditor.As there is no statutory requirement for internal auditor to hold fulltime COP, but other statutory compliance audit,Tax audits requires attestation service which are not with part time COP holder.For any doubts you can contact ICAI member section , they'll give you detail info abt the same

CA. Megha Topiwala (Job) (1534 Points)
Replied 17 October 2009

thnx 4 d information....

Amol Gopal Kabra (CA,CS,DISA) (Practicing CA) (8539 Points)
Replied 17 October 2009

what Mr. Karan says is right...

A member in part-time practice cant accept audit assignments and he doesnot have attestation and audit powers. Only a CA in full time practice can do so.

Udhins (Chartered Accountant) (113 Points)
Replied 19 October 2009

How is unpaid installments (due) to the hire vendor disclosed in Balance sheet?

Don't we have to state the fixed asset at full value in the b/s even if not paid?!

AADIL HAMZABHAI (Auditor) (26 Points)
Replied 04 November 2009

if subsidiary accounts as per US GAAP & holding co. accounts is prepared as per IFRS ,is there any qualification required on consolidation as per ifrs?