30 April 2015
Is audit report required to be issued by the auditor to the partners of partnership firm Please give reference of section under related act
02 May 2015
There is no specific provision as regards the audit under the Partnership Act 1932. . However, firms are required to get audited their accounts U/s 44AB of the Income Tax Act 1961( known as Tax Audit). . It is not the Tax Auditor who has to issue the Audit Reports but it is the firm (or say partners) who have to obtain Tax Audit Report from the Auditors.
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