Independence of auditor

Stat Audit 479 views 1 replies

Krishna Prasad

Partner

260 Points Joined August 2009

I AM A PARTNER IN A FIRM OF CHARTERED ACCOUNTATNS. MY FIRM IS DOING THE CONCURRENT AUDIT OF A BANK. NOW I WANT TO TAKE A VEHICLE LOAN FROM BANK.

I WANT YOUR ADVICE WHETHER CAN I TAKE LOAN OR NOT. SEC-226 PROVISIONS APPLY ONLY WHEN I TAKE LOAN FROM COMPANY. PLEASE ADVICE ME

Replies (1)

Independence is one of the essential characrer of an auditor.. You should not take any kind of loan from that bank.. Even for a single day if debtor and creditor relation is create between the attestor and auditee then it will hits indebtness and independence criteria given in ethics.