Hi all...i have a query on exmption from branch audit:_
" A company has a branch office which recorded a turnover of Rs.1,90,000 in the FY-2004-05. No audit of the branch has been carried out. The statutory auditor of the comapny has made no reference of the above branch in his report. the total turnover of the company is Rs. 10 crores for the year 2004-05."
Will the branh be exepmted from audit???
The Auditor should have mentioned in the audit report about the non applicablility of Branch Audit. And in your given case, there is no need for Branch Audit.
Regards,
Devendra K
THERE IS NO NEED OF BRANCH AUDIT...REFER COMPANIES (BRANCH AUDIT EXEMPTION) RULES,1961
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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