A person can be a auditor of a company upto 20 companies in this is partnership and soleproprietor also includes?
Replies (3)
Quick Summary
This discussion clarifies the threshold limit for company audits, stating an individual can audit up to 20 companies, excluding certain types like one-person companies, dormant companies, small companies, and private companies with less than ₹100 crore paid-up capital. It also addresses that sole proprietorship and partnership accounts aren't audited under the Companies Act 2013, suggesting they fall under tax audits and prompting a query about the relevant threshold for those.
Section 141(3)(g) states a persona can not audit more than 20 companies other than one person companies, dormant companies, small companies and private companies having paid-up share capital less than one hundred crore rupees”.
Please note the accounts of sole proprietorship or partnership are not to be audited in line with the companies act 2013.