Company Audit 1 - PCC - Query

for 1 financial year

Originally posted by : « CA PCC Student»
	Hey Friends,    I have a query in PCC Auditing i.e., Company Audit 1, In this chapter there is Ceiling on no. of audits. We all know that the ceiling limit is 20 audits per person, excluding branch audits, foreign companies and private companies etc.,    What I want to know is, whether this ceiling is for one financial year or per month ?     Thanks & Regards,   Jhansi

Hey..

This ceiling applies to any point in time..

Meaning that at any point of tym a person cannot have more than wat the ceiling permits..

Hi Dear,

The ceiling limit is 20 audits in one financial year per person(CA in practice). In case of a Firm, the limit is per partner per year.

However as per ICAI Notification, the maximum ceiling for a CA in practice for audit is 30 companies including private companies per person(CA in practice) per year.

Thanks & Regards,

Amit B.

As per my understanding at each stage of acceptance of new Audit the limit is required to be checked by the auditor/Auditor's firm.

Further at the time of issuance of certificate u/s 224(1B) by the auditor the limit is required to be checked.

Views of other members solicited.

Best Regards

Please find enclosed herewith specimen of Letter for Eligibility U/S 224(1b) of the Companies Act, 1956.

Dear All,

Please find enclosed herewith a file containing Specimen Letter, Resolutions and Notices connected with Statutory Auditor. Hope you find this file useful.

Thanks and Regards

Thanks Mr.Ankur Garg. your attachments are really helpful for me

Thanks to all members for the comment and gesture.

agreed with Mr Ankur Garg  what is done in practical

some body tell me about re-valuation..??? i hav just 1 mark short in IT&SM..!!!

HEPL ME..!!!!!!!

obviously for 1 financial year dear

The limit of maximum 20 audits is general and it means that at any point of time a C.A. could not have more than 20 company audits, excluding private, foreign and branch audits.

In a year you could have more than 20audits, the only thing is that they can't be simultaneously. As I earlier said "at a point of time".

The ceiling limit is 20 audits in one FY per Person either firm or associates.

 According to Institute act, the maximum ceiling for a CA in practice for audit is 30 companies including private companies per person per previous year.