Restriction of auditor

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2016 Dear All
I am running partnership firm pls let me know weather the auditor can sign the balance sheet regularily upto 10 year or more then 10 year is there any restriction of auditors for proprietorship & partnership like company act.

Thanks & Regards
Shobhit Gupta

Sangam Kothari

Sangam Kothari (Expert)
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02 November 2016 there is no restriction on appointment of auditor for partnership firm or proprietorship business section 139(2) of companies act is applicable to only to
i) listed companies;

(ii) unlisted public companies having a paid-up share capital of INR 10 crores or more;

(iii) all private limited companies having a paid-up share capital of INR 20 crores or more; and

(iv) all companies (private and public) which do not meet the thresholds mentioned in (ii) and (iii) above, but have public borrowings from banks / financial institutions or public deposits of more than INR 50 crores.