05 May 2008
what is th no. of Co. audits a CA can pursue under Cos. Act? and what is the over all limit of audits under ICAI guidelines? is it 30 or 45?? me fultoo confused plz elaborate thnxz
05 May 2008
The ceiling limit [u/s 224(1B)of Companies Act] of company audit for a chartered accountant is 20. Provided, not more than 10 companies under audit have paid up capital of Rs. 25,00,000 or more. This 20 audit limit does not include: - Branch Audit - Private Company Audit - Special Audit - Foriegn Company Audit - Audit of Corporation & - Guarantee Company.
However the overall audit limit inclusive of Private company is 30.
If a CA holds more than 30 company audits, he will be guilty of professional misconduct.
05 May 2008
thnx mam one thing still creepink k u said over all limit is off 30 company audits inclusive of pvt. cos. but than what is that limit of 45 tax audits? does that ceiling of 45 will include 30 comapany audits also?
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