Company audit

Others 505 views 2 replies

ankita

Coaching

73 Points Joined October 2009

As per companies act the ceiling of audit is 20 companies per person.As per council its 30 companies. Then what are the students supposed to answer if related question is asked as per any case law?as per companies Act or as per the c.a council?

Replies (2)

MD.Taufique

CA CS

308 Points Joined November 2010

the number of audit as per 224(1B) is 20 companies per individual practicing ca/partner excluding private companies out of which not more than 10 companies should have a paid up capital of 25 lakhs or more but according to notification issued by ICAI the ceiling is 30 companies including private company and of which not more than 10 cos should have a paid up capital of 25 lakhs or more.

The answer should written as above if asked in exam.

Sanket

!..Live to Give..!

16427 Points Joined December 2010

Originally posted by : MD.Taufique
	the number of audit as per 224(1B) is 20 companies per individual practicing ca/partner excluding private companies out of which not more than 10 companies should have a paid up capital of 25 lakhs or more but according to notification issued by ICAI the ceiling is 30 companies including private company and of which not more than 10 cos should have a paid up capital of 25 lakhs or more. The answer should written as above if asked in exam.