Independence to an auditor incase of audit u/s 44ab ,it act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2011 ARE WE REALLY INDEPENDENT in conducting audit u/s 44AB of IT ACT?

because appointing authority and person paying our fee is one and same AND can we give bad report and ask for fees? and is he going to remain with us?

In future,with the introduction of jan lokpal
and using aadhaar for financial transactions,are we not going to face problems with IT authorities.

is it not time to consider by our ICAI to change rules in appointment to conduct audit u/s 44AB?

If third party appoints to conduct audit u/s 44AB,we will have more independence and
we can discharge our duty correctly.And i feel giving qualified report and asking same person of our fees is something difficult and we have to think and change rules of appoinmement of auditor in the interest of our profession.
your comments and suggestions.

CA Deepak Bora

CA Deepak Bora (Expert)
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14 December 2011 A CA has to adhere to the basic principles governing an audit.

It means he has to be honest, integrate and straight forward while rendering his services to clients.

If not action can be initiated under Chartered Accountant Regulation Act. Therefore no matter who appoints us we have to maintain the high esteem of our profession.

But i personally agree with your view... Let us establish another GOVERNMENT AUTHORITY for appointing tax authorities... Hope they may work honestly after JAN LOKPAL BILL...

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