Audit
This query is : Open
09 March 2020
if any ca is in practice. and doing audit of some entities and opens a another sole proprietorship practice entity in the name of his wife (his name is not in new practice firm) for account maintenance of same entities( in reality he is maintaining account) of whom he is doing auditing .
Is it valid in eyes of law because the main purpose of various provisions is that the auditor must be independent . but threat of self review is exist here.
Is it valid in eyes of law because the main purpose of various provisions is that the auditor must be independent . but threat of self review is exist here.
09 March 2020
Check the auditor disqualifications under companies act and professional ethics.
Both donot allow above things..
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09 March 2020
In case of companies it's not allowed but in case of other entities it's not a problem.
09 March 2020
Not only company auditor subject to disqualifications but also tax auditor is also subject to similar disqualifications to protect the interest of government revenue.
Kindly check section 288(2) of income tax act,
Since spouse comes under the definition of relationship, he is disqualified to become tax auditor
09 March 2020
I mean relative..
Section 288(2) clearly says similar provisions of company auditor disqualifications are applicable to tax auditor also.It has given few provisions for tax auditor disqualifications
09 March 2020
yes I told them .He is my articleship principal but they scold me for this
09 March 2020
Budget has increased the turnover limit to 5crores for tax audit.
They may take the advantage using this provision from next FY..
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