Save Rs 499. Go Ad-Free with CAclubindia Pro for 2 Full Years. Subscribe Now!

Query relating of ceiling of number of audits

Statutory Audit 1769 views 3 replies

Yogesh Kumar

123 Vinovapuri lajpatnagar new delhi-11

36 Points Posted on 21 July 2012

Sir/ Mam,

In a properitership firm an auditor have 35 audits which includes 8 public compaines whcih have more than 25 lakh paid up capital, and 2 non profit organisations, 1 school audit, 1 hospital audit, and remaing 23 compaines are private limited having all the private compaines more than 25 lakhs paid up capital.

Please clarify me sir/mam limit of 25 lakh paid up capital is applied on private companies also or not.

And plese clariy me ceiling limit as per CA Act,

And If As per CA Act Special audits, gurantee compaines audits, ngo, are excluded or not.

Thank You

Replies (3)

Chirag Jain

99 Points Posted on 22 July 2012

CA Act - 30 audit maximum limit including private company

Vidya

Service with a reputed CA firm

75 Points Posted on 29 July 2012

The following audits wont be included while calcualting the specified number - Guarantee co having no share capital, Audit of foreign company, Internal Audit, Tax audit, Co=operative societies, trust corporations, Branch Audit, Special Audit & Investigations, Audit of Private company.

As per the notification issued by ICAI the maximum no. of audits by a partner is 30 including the audit of private companies. In that not more than 20 public companies of which not more than 10 should have a paid up cap of 25 lacs.The limit of 25 lacs is applicable only to public companies.

I hope this makes u clear.