One of client is doing Business of computer and it's partnership firm. Actually it is dissolved on 31.3.2020.
Last year it was audited U/s 44AB and it was incurred loss.
1. My question is Should I audit for the FY 2019-20 ? OR I can file IT without audit ? This year also firm incurred loss and this year Turnover is around 10 lakh.
2. And due to lockdown restrictions unable to take Stamp paper on 31.3.2020 for dissolution deed. I had taken stamp paper on 26th June 2020. Is that okay ? Dissolution date is on 31.3.2020. Is there any problem?
Awaiting for your Reply,
Thanks And Regards
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Regarding audit of Partnership Firm
Replies (3)
Quick Summary
1. Auditing is necessary to the extent of materiality. You can follow the dissolution procedure because the company is already dissolved
Sir, I did not understand, Can you pls elaborate ?
I’m not an expert at auditing, I remember it is used to verify materiality of transactions ie check if all the transactions are correct and then measure assets and liabilities and follow dissolution procedure.
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