Deepak Arora (CA-Final) (398 Points)
05 August 2013Dear Friends,
As per my understanding, a CA firm can't do the statutory audit of the same company whose accounts are also maintained by his firm only. I want to know the implications for Company and CA also if the same situation persist.
Please help me with your valuable suggestion, what should be done to safeguard the interest of the company in such scenarios.
vikas
(student )
(139 Points)
Replied 05 August 2013
dear Deepak,
you can issue the bill for professional service not for maintainance of book.
Deepak Arora
(CA-Final)
(398 Points)
Replied 05 August 2013
Hi Vikas, I am not talking about the safeguarding the interest of CA. My concern is related with the comapny whether this practice of getting accounts prepared and audited by same CA firm is appropriate or should we hire another firm for doing audit or maitaining books of accounts.
So, please think from the company prospective and then reply accordingly.
Regards
Deepak Arora
Mihir
(Wealth Manager)
(5293 Points)
Replied 05 August 2013
I don't think both the functions can be performed by the same CA. I don't have a reference.
CAclubindia
