20 August 2013
Sans Can you one please let me out of this doubt.
Well we are planning to float an Audit firm. Can any of us hold a proprietory firm registered under his name with the institute? Also that can we apply individually for some audit assignments of our own apart from being a partner in a firm? Please clarify about the full-time partner issue which the institute has been raising recently.
30 August 2015
Yes you can hold a proprietory firm along with being partner in a partnership firm.. However those individuals who are running proprietorship firm along with being partner in a firm wont be counted as full time partner in that partnership firm and such partnership firm wont get benefit of empanelemnt in bank panels and other panels of maintained by C&AG and government. In short partnership firm will be at disadvantage if they are engaging partners who also runs an proprietorship firm if they want to do bank audits and government audit.
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