ceiling of audit specially of pvt. companies

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bhagwan pal (Querist)
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20 April 2009 Honourable expert,i want to know about the ceiling of audit for a C.A.There is a mention in the notification no.1-CA(7)/53/2001 abt the restriction imposed on the ceiling of the audit.is the maximum limit of audit 30 companies (including pvt. ltd. companies) as given in ICAI AUDIT MODULE.THE LAW SAY OTHERWISE .Pls guide me in this matter as non complince of the ceiling of audit as per ICAI Notification amounts to Professional Misconduct.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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23 April 2009 No limit on the number of audits of pvt limited companies.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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23 April 2009 No limit on the number of audits of pvt limited companies.

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Ankur Garg

Ankur Garg (Expert)
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03 May 2009 Disagree with Mr. Tilak.

Ankur Garg

Ankur Garg (Expert)
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03 May 2009
As per Companies Act, 1956 Audit of pvt co. is excluded while computing the ceilng limit under section-224(1B).

However, as per ICAI notification, a CA can accept a Maximum of 30 audits including the audits of Pvt Companies.

Non-observance of this ceiling would amount to Professional Misconduct.

After the ICAI notification an auditor can accept audit of Max 30 Pvt Co. in which case his limit deemed to be full.

Regards

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