The Companies Act 2009 presented in Parliament contains a noticable amendment regarding qualification of Statutory auditors.
As per Companies Act 1956 " A firm can be appointed as auditors of a company if all its partners are practising Chartered Accountants"
As per Companies Bill 2009 Clause 124 " Where a firm is appointed as an auditor of a company, only the partners who are Chartered Accountants in practice shall be authorised by the firm to act and sign on behalf of the firm. "
This obviously implies that once the bill is passed non CAs can be partners in firms conducting statutory audits.
Also as per LLP Act " A company can be a partner in a LLP"
My question is that once the new Companies Act is passed can a company be a partner in a firm conducting statutory audits.
I will be oblidged & thankful to those who take the time to reply
CAclubindia
