Urgent !! maintenance of books and audit by same ca ?

Dear Friends,

As per my understanding, a CA firm can't be statutory auditor of the same company whose books of accounts are maintained by him only. I need the valuable feedback of seniors what will be the implications for the company if the same CA firm who is maintaing books of accounts of the company also doing its statutory audit.

So, would request you to let me know the implication for company and CA also if the same situation persist.

Regards

Deepak Arora