12 April 2011
I am a partner of CA firm having 8 partners. My querry is whether I camn sign 45 tax audit reports or I can sign more than limit of 45 subject to over all ceiling available to my firm. Further, whether audit u/s 44AF covered in the limit of 45 audits.
12 April 2011
When any partner signs the tax audit report of the entity, whose audit is conducted by some other partner of the firm, the principal of agency comes int picture. But no where in law, it is mentioned that each partner should sign 45 tax audits. Only the words undertake, conduct and accept has been used.
Further the assignment is being taken up by the Firm and not the individual partners, so any partner can sign on behalf of the firm.
So in my opinion any single partner can sign more than 45 audits on behalf of other partners of the firm.
For second part of your questions, it is provided in this link
CAclubindia
