Query relating to ceiling on number of audits..

This query is : Resolved

Guest

Guest (Querist)

14 October 2009 Query relating to ceiling limit on audit u/s 224 (1B) of Companies Act, 1956:
Suppose there are three partners X, Y and Z in a CA firm XYZ & Co.
X is also having proprietorship concern and have 10 assignments for the purpose of section 224 (1B).
Now my query is that whether X can sign more than 10 balance sheet in the name of firm or not?
Please reply with reference of specific section or notification.
Thanks in advance.

sunny bansal

sunny bansal (Expert)
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15 October 2009 it is specifically mentioned in the section 224(1b)as X cannot sign the balance sheet of more than 20 companies out of which not more than 10companies having paid up share capital of or more than 25 lakhs i.e.public company & joint audit statutory.

Pvt.co, corporation,society,tax audit,special audit,vat audit etc. is not included in the ceiling limit. pls refer "munish bhandari book" for ca final.