What is the difference in doing statutory audit of a partnership firm & doing statutory audit of a company? Whether there is any requirement in partnership act? Can anybody give me the checklist for stat audit & tax audit of partnership firm highlighting the difference? What annexures will be required? What will be the effect of revised scedule VI ?
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Statutory audit of partnership firm
Replies (6)
There is nothing like Statutory audit in partnership. Stat is a term used to denote audit under Companies act and there is no provision in partnership act. Schedule VI will not be applicable and you will have to follow a checklist you would have prepared for tax audit of a company with some minor modifications,as in case of partnership you wil be doing tax audit. Hope it helps.
Yes Mr. Mohd Atir is correct.
What type of minor modifications you are talking about?
Partnership deed reference, remuneration as per IT Act, relative definition changed in partnership as it concerned to partners relative, their substantial interest. These type of modifications are to be done.
Thanks
Statutory Audit is conducted under the provisions of some specific Statute that governs the entity.
which is not the case for a partnership firm as Indian Partnership Act,1932 does not have any provisions for audit.
Audit of firms shall be tax audit only u/s 44AB of IT Act
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