Minimum audit fees

This query is : Resolved

Rohan (Querist)
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01 April 2012 Dear All,

I have query regarding minimum Fees to be charged by CA. I have pasted the notification below.

All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011

Source:
(http://www.icai.org/new_post.html?post_id=7493&c_id=219)

My Queries are as follows.

1. Repealed means cancelled so will the notification 93/2006 (link provided below:please open the link as not suitable to paste the table)

http://wirc-icai.org/wirc_referencer/CA%20ACT%20&%20Regulations/CA%20Act%20&%20Regulations.htm

The page has small table showing minimum fees to be charged

also stand cancelled?

If it stands cancelled than w.e.f which date ? Will notification 93/2006 be applicable for assignments before 07/06/2011 and not there after.?

Thanks,

Rohan

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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10 April 2012 Still you can apply the minimum fee prescribed by ICAI but now it is not mandatory to follow the minimum fee structure as suggested by ICAI but you cannot charge the fee on % basis