vinod bajaj (partner) (87 Points)
22 September 2009if a practising ca firm has three partners,the combined tax audit limit of the firm is 135ie.,45 each per partner.Can a single partner can sign more than 45 audits,Even if the entire firms limit is maintainedto 135.or each partner should sign 45 audits equally.
pl let me know
thanks
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 22 September 2009
agree
santosh singh
(CA final student)
(26 Points)
Replied 22 September 2009
It is not required to sign audit report each partner equally.
one partner may make sign more than 45 Tax Audit report on the behalf of another partner of the firm.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 22 September 2009
sorry santosh singh, but the ceiling limit on tax audit is based on individual C.A. not the firm as a whole.
dipak
( ca final student)
(427 Points)
Replied 22 September 2009
i agree with ssg each partner have 45
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 22 September 2009
45 tax Audit Each Partner..
CA Parth Shah
(Chartered Accountant)
(369 Points)
Replied 22 September 2009
hey love arora,u r making d studentr misguided...the limit is for partner themselves saperately. so a partner cant sign more den 45 reports.
ca tarun sharma
(SERVICE)
(277 Points)
Replied 22 September 2009
tax audit limit for firm is 45 per partner & any partner can sign all audit report within over all limit i.e 135 in this case
Ashwani Narnoli
(.)
(1843 Points)
Replied 22 September 2009
| Originally posted by :vinod bajaj | ||
| " | Each partner will sign 45 reports | " |
CA CHINTAN AJMERA
(Chartered Accountant)
(2987 Points)
Replied 22 September 2009
Any partner can sign all audit report within over all limit i.e 135 in this case
santhosh
(Student)
(1174 Points)
Replied 22 September 2009
only a partner can sign 45 nos..... the maximum no a firm can sign is 135 since because of 3 partners.....
CA PRIKSHIT WADHWA
(CHARTERED ACCOUNTANT)
(339 Points)
Replied 22 September 2009
When any partner signs the tax audit report of the entity, whose audit is conducted by some other partner of the firm, the principal of agency comes int picture. But no where in law, it is mentioned that each partner should sign 45 tax audits. Only the words undertake, conduct and accept has been used.
Further the assignment is being taken up by the Firm and not the individual partners, so any partner can sign on behalf of the firm.
So in my opinion any single partner can sign more than 45 audits on behalf of other partners of the firm
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