06 February 2009
AS DECIDED BY ICAI : FIRM (a) consisting of 5 or more partners but less than 10 partners with at least one partner holding a certificate of practice for five years or more; or (b) consisting of 10 or more partners with at least one partner holding a certificate of practice for five years or more. Practising firm having Practising firm having 5 or more partners but 10 or more partners less than 10 partners (i) In cities with population Rs. 6000/- p.a. Rs. 12,000/- p.a of 3 million and above. . .(as per the last census) (ii) In cities/towns having population of less than Rs. 3500/- p.a Rs 8000/- p.a 3 million. . .(as per the last census) Provided that such restriction shall not apply in respect of the following: - (i) audit of accounts of charitable institutions clubs, provident funds, etc. where the appointment is honorary i.e. without any fees;. (ii) statutory audit of branches of banks including regional rural banks; (iii) audit of newly formed concerns relating to two accounting years from the date of commencement of their operations; 10 (iv) certification or audit under Income-tax Act or other attestation work carried out by the Statutory Auditor; and (v) Sales Tax Audit and VAT Audit.
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