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Pre and post incorporation
Allocation of Audit fees
Replies (8)
Hi Srivardhini
Audit fees should be allocated on time basis in the pre and post incorporation period. It is of a fixed nature.
There is some confusion between company audit and tax audit- either allocate to post incorporation or on sales basis
Company audit - time basis
Tax audit- Take basis as sales
As of my knowledge company audit in the sense allocation done wholly to post incorporation
Yes exactly company audit will go to post allocation period.
For Company's audit charge to post incorporation period and for Tax Audit apportion on the basis of turnover in the respective period.
How to classify company or tax audit
It will be mentioned in the question
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