Quick Summary
1. Whether a Chartered Accountant who is appointed as tax auditor for conducting special audit under the Income-Tax Act 1961, by the Income Tax Authorities is required to communicate with the statutory auditor? A. Yes, Council direction mentioned in Paragraph 2.14.1.8(xiii) under Clause (8) of Pa
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Yes, it is considered a healthy practice for a tax auditor appointed for a special audit under the Income-Tax Act, 1961, to communicate with the member who conducted the statutory or tax audit.
Yes, the requirement to communicate with the previous auditor applies to all types of audits, including concurrent audit, revenue audit, tax audit, and internal audits.
Generally, no. Chartered Accountants are not permitted to charge fees based on a percentage of turnover, except in specific circumstances outlined in the Chartered Accountants Regulations, 1988, such as for receivers, liquidators, or certain consultancy services.
Generally, no, unless they have obtained permission from the Council. Exceptions include being a Director of a company (not a Managing Director or Whole-Time Director) if not interested as an auditor, or engaging in business with specific Council permission.
Yes, a Chartered Accountant in practice can accept teaching assignments, provided the total direct teaching hours do not exceed 25 hours per week for attestation functions.
Yes, a Chartered Accountant working in a firm can hold a Certificate of Practice, but they are not entitled to perform any attest functions.
CAclubindia
