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)
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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