14 September 2010
I'm an ACA. My uncle is engaged in a trading business which is covered within tax audit ambit. My mother, my grand mother & my father are having balances as Unsecured Loan in this business. Can I perform the attestation function of this buiness? Plz advise.
14 September 2010
I think u are asking whether u can audit ur uncle's trading firm accounts. there is no prohibition to audit the accounts of uncle under section 44AB. u may disclose ur relation by giving a suitable note in the report.
15 September 2010
The total amount of unsecured loans held by my relatives (i.e. mother, father & grand mother) exceeds 20% of the capital employed in the said business. So I want to make sure if my signing the tax audit report of the same will be as per the guidelines!
CAclubindia
