Number of statutory audit
This query is : Resolved
07 September 2012
Number of Statutory audit required in a year of a Private as well as Private Ltd Co. ?
Time Interval between 2 Statutory Audit ?
Time Interval between 2 Statutory Audit ?
14 September 2012
“specified number” means, —
(a) in the case of a person or firm holding appointment as auditor of a number of companies each of which has a paid-up share capital of less than rupees twenty-five lakhs, twenty such companies;
(b) in any other case, twenty companies, out of which not more than ten shall be companies each of which has a paid-up share capital of rupees twenty-five lakhs or more.
[Explanation I to sub-Sections (IB) & (IC) of Section 224]
In computing the specified number, the number of companies in respect of which or any part of which any person or firm has been appointed as an auditor, whether singly or in combination with any other person or firm, shall be taken into account.
(a) in the case of a person or firm holding appointment as auditor of a number of companies each of which has a paid-up share capital of less than rupees twenty-five lakhs, twenty such companies;
(b) in any other case, twenty companies, out of which not more than ten shall be companies each of which has a paid-up share capital of rupees twenty-five lakhs or more.
[Explanation I to sub-Sections (IB) & (IC) of Section 224]
In computing the specified number, the number of companies in respect of which or any part of which any person or firm has been appointed as an auditor, whether singly or in combination with any other person or firm, shall be taken into account.
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