CA conducts Tax audit of 35 firms /prop.
This query is : Resolved
20 October 2007
Dear Ravi & Gul Ji Thanks for reply the query. My another query is if a CA conducts more than 30 audits. But He charged fees only from 30 audits whether there will be any breach, under any law.
20 October 2007
As per E.filling the Return, Govt Analysis how many audit report is issue.
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No Law in this case.
suppose you free of charges agianst Audit of Your'e Releative in business line.
Your'e IT return is filling consoldiate figure in receipts.
If govt issue a format like.
Dealers Name Bill No Gross Receipt
Than it is problem,but as per my knowledge no this type of format for auditors
-------------------------------------------
No Law in this case.
suppose you free of charges agianst Audit of Your'e Releative in business line.
Your'e IT return is filling consoldiate figure in receipts.
If govt issue a format like.
Dealers Name Bill No Gross Receipt
Than it is problem,but as per my knowledge no this type of format for auditors
21 October 2007
pl clarify in context of ICAI conduct
21 October 2007
THE ICAI GUIDELINES LIMIT STPULATE THE NUMBER OF AUDITS PER MEMBER TO 30 INCL. PVT.LTD.AS TOLD BY SRI RAVI.
THE ICAI DID NOT CATEGORISE OR DISCRIMINATE BETWEEN AUDITS OF FEES CHARGED CASES/ LOWER FEES CHARGED CASES /NO FEES CHARGED CASES. ETC...
THE CONCLUSION AS INFERRED THEREFORE ,IS NO MORE AUDITS BEYOND 30 PER MEMBER.
WHETHER OR NOT WE CHARGE FEES, WE CERTIFY THE ACCOUNTS AND GIVE AN AUDIT REPORT AND THEREFORE SUCH CASE ALSO COUNTS FOR THE LIMIT OF 30.
SO WHY BREACH THE CODE AND INVITE TROUBLE?
R.V.RAO
THE ICAI DID NOT CATEGORISE OR DISCRIMINATE BETWEEN AUDITS OF FEES CHARGED CASES/ LOWER FEES CHARGED CASES /NO FEES CHARGED CASES. ETC...
THE CONCLUSION AS INFERRED THEREFORE ,IS NO MORE AUDITS BEYOND 30 PER MEMBER.
WHETHER OR NOT WE CHARGE FEES, WE CERTIFY THE ACCOUNTS AND GIVE AN AUDIT REPORT AND THEREFORE SUCH CASE ALSO COUNTS FOR THE LIMIT OF 30.
SO WHY BREACH THE CODE AND INVITE TROUBLE?
R.V.RAO
21 October 2007
The limit is on number of audits to be conducted and not on number of audits for which fees is charged . You can not escape the provision by not charging the fees .
13 December 2007
I think the new limit is 45 tax audits and not 50 tax audits.
Announcement by ICAI
As members are aware, the maximum limit of Tax Audit for a member in practice, as individual or as a partner in a firm, was fixed at 30 as back as in 1989 with the objective of ensuring quality and equitable distribution of work. In view of fast expanding economy and increase in number of such assignments coinciding with enhancement of professional competence of members to perform quality services in an IT-enabled environment, it was decided to review the maximum Tax Audit limit. As such, the Council of the Institute at its 268th meeting held from 30th April to 2nd May 2007 has decided to increase the Tax Audit limit for practising Chartered Accountants, as individual or as a partner in a firm, from 30 to 45.
Announcement by ICAI
As members are aware, the maximum limit of Tax Audit for a member in practice, as individual or as a partner in a firm, was fixed at 30 as back as in 1989 with the objective of ensuring quality and equitable distribution of work. In view of fast expanding economy and increase in number of such assignments coinciding with enhancement of professional competence of members to perform quality services in an IT-enabled environment, it was decided to review the maximum Tax Audit limit. As such, the Council of the Institute at its 268th meeting held from 30th April to 2nd May 2007 has decided to increase the Tax Audit limit for practising Chartered Accountants, as individual or as a partner in a firm, from 30 to 45.
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