What is the Ceiling on number of audits for a practising CA ?
Ans : .................. (30 as per ICAI should be considered. Is it right)
Suppose as on 01.01.11 (as required by MEF 2011-12), a member had done 29 Statutory Audits of private companies for FYE 31.03.10 and the member has got 3 more Statutory Audits of defaulted private companies for the same FYE 31.03.10 after 01.01.11.
whether he can accept the same and consider the ceiling for 01.01.12 or is there any violation. Please clarify.
03 August 2011
The limit is considered to be for one financial year. Say, for F.Y. ended on 31st March, 2010, the auditor can accept only upto 30 Assignments. Even if the companies get their books of accounts audited later after making a default, still the count shall be w.r.t. that F.Y. only.
03 August 2011
Ceiling is 20 as per Act wherein pvt company is excluded . ICAI Seperately via its pronouncements have decided limit of 30 for (P) Ltd Companies.
So after if in aggregate your audits of (P) Ltd companies exceed 30 , its a violation to accept any other (P) Ltd statutory Audit.
23 June 2014
I think as per the Companies Act, 2013, the ceiling limit is 20 including one person and private Companies.Please find the link, hope it helps http://taxguru.in/company-law/limit-number-audits-companies-act-2013-icai-representation-mca.html
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