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Statutory audit of partnership firm

DIVYA GOEL (Audit & Taxation manager) (63 Points)

10 June 2012

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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6 Replies

Joey Tribbiani (fdg) (2010 Points)
Replied 10 June 2012

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.

CA Sakshi Sankhla Tiwari (Taxation & Audit Manager) (44 Points)
Replied 10 June 2012

Yes Mr. Mohd Atir is correct.

DIVYA GOEL (Audit & Taxation manager) (63 Points)
Replied 10 June 2012

What type of minor modifications you are talking about?

CA Sakshi Sankhla Tiwari (Taxation & Audit Manager) (44 Points)
Replied 10 June 2012

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.