03 June 2009
The law specified the limits of 20 company audits excluded private companies but the institute has issued a notification restricting the overall limit to 30 company audits including private limited companies. It may be noted that a member who fails to comply with the notification shall be liable for professional misconduct.
And the limit of 45 audits is for tax audits u/s 44AB of the Income Tax Act
09 June 2009
Limit of 45 audits is for tax audits u/s 44AB of the Income Tax Act. The limit for company audits as per institues guidelines for statutory audit is 30 only.
If he has some notification then let me know. It would be beneficial to everyone out here.
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