Practice

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2012 Dear Sir,

I want to start my own practice after taking 10 months experience post qualification.
In starting how can i get work,if I have not so good background.
How can I apply for Bank Audit or Stock Audit or government Audits?

CA Suresh Kumar Agarwal

CA Suresh Kumar Agarwal (Expert)
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04 May 2012 Dear Sir,

You should start making relation with the organization/departments so that they will get your firm on their panel list.

For bank audit your firm should be on the panel of bank audit (RBI)

You can apply for the stock audit directly to the concerned bank.

Querist : Anonymous

Querist : Anonymous (Querist)

12 May 2012 Dear Sir,
I also want to know If I started my practice solely then from where i can get small govt Audits?
Means where i have to registered?

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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10 August 2024 Starting a practice as a sole proprietor in India and securing small government audits involves several steps and registration requirements. Here’s a guide on how to go about it:

### **1. Register Your Practice**

**a. Firm Registration:**
- **Proprietorship Firm:** If you are starting as a sole practitioner, you can register as a proprietorship firm. This involves getting a business name, opening a bank account, and obtaining a PAN for the firm.
- **Professional Tax Registration:** Depending on the state, you may need to register for professional tax.

**b. ICAI Registration:**
- Ensure that you are a member of the Institute of Chartered Accountants of India (ICAI) and hold a valid Certificate of Practice (CoP).

### **2. Obtain Relevant Licenses and Permits**

**a. PAN and TAN:**
- **PAN:** Apply for a Permanent Account Number (PAN) in the name of your firm if required.
- **TAN:** Obtain a Tax Deduction and Collection Account Number (TAN) if you plan to handle TDS.

**b. GST Registration:**
- If your turnover exceeds the threshold limit (currently ₹20 lakhs for most states), you will need to register for GST.

### **3. Identify Sources for Government Audits**

**a. Government Departments:**
- **Local Government Offices:** Contact local government offices and municipal bodies. They often require audits for their various departments and projects.
- **Public Sector Undertakings (PSUs):** Approach PSUs in your region. They may have small audit assignments or internal audit requirements.

**b. Government Tender Portals:**
- **Central Public Procurement Portal (CPPP):** Register on the CPPP (https://eprocure.gov.in/epublish/app) to receive notifications about government audit tenders and opportunities.
- **State Government Websites:** Many state governments have their own procurement and tender portals. Check these regularly for opportunities.

**c. Agencies and Authorities:**
- **Audit Agencies:** Contact audit agencies such as the Comptroller and Auditor General of India (CAG) or their regional offices. They may provide information about audit assignments.
- **Local Auditing Authorities:** Get in touch with local auditing authorities or regional offices of central government departments.

### **4. Networking and Associations**

**a. Professional Networks:**
- **ICAI Local Chapters:** Engage with local ICAI chapters and attend their meetings. Networking with fellow members can provide leads on small government audits.
- **Industry Associations:** Join industry-specific associations and forums where you can learn about potential audit opportunities.

**b. Government Contracts and Tenders:**
- **Tender Notices:** Regularly check for tender notices in local newspapers and official government websites related to auditing services.
- **Contact Government Departments:** Directly reach out to government departments that frequently require auditing services.

### **5. Requirements and Compliance**

**a. Compliance with Audit Standards:**
- Ensure that you comply with audit standards and guidelines as prescribed by ICAI for government audits.

**b. Certifications and Qualifications:**
- Maintain and update any additional certifications or qualifications that may be required for government audits.

### **Summary**

1. **Register Your Practice:** Obtain necessary registrations and licenses.
2. **Seek Government Audits:** Contact local government offices, PSUs, and check tender portals.
3. **Network:** Engage with professional networks and local ICAI chapters.
4. **Stay Compliant:** Ensure compliance with auditing standards and maintain required certifications.

By following these steps, you can effectively start your sole practice and secure small government audits.