14 December 2011
As per Section 224 (1B) a CA can accept maximum of 20 audits out of which not more than 10 shall have paid up capital of 25 lakhs or more. While counting this specified number we take into account : Statutory Audit u/s 227 Audit of Section 25 Companies Audit of Section 619 Companies Guarantee Company having Share Capital...
It means while counting the specified number under Section 224 one need not count Private Companies.
However as per a circular issued by ICAI a CA can accept maximum of 30 AUDITS including private companies.
it means we need not count private company for specified number under section 224... but the total audits shall not exceed 30 including private companies. 30 is the maximum number of audits that can be accepted by CA.
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