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Audit by KPMG and/or E&Y

Siddharth (s) (87 Points)

01 June 2010

I visited the KPMG and E&Y websites. there I found these are Co's. and as per Auditing provisions only a Practising CA or CA firm can cary out statuory audit u/s 44AB and Co's audit u/s 224. So what is there exact organization structure...........???

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9 Replies

(Guest)

they are firms

1 Like

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Prejith (Pursuing CA) (92 Points)
Replied 01 June 2010

Hey Sid,

As Mr. Rohit Kapoor said they are absolutely firms. I'am aware of the existence of Ernst & Young Private Limited which basically provides management advisory services and many more such kind.

But I would like to make a small correction w.r.t the sections you have mentioned in your post i.e it's u/s 226 which tells you that who has the eligibility to audit, whereas sec 224 is all about appointment of auditor.

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Max Payne (employed) (2574 Points)
Replied 01 June 2010

Hi Sid,

Please go thru this link. It will help you understand their modus operandi.

https://www.mydigitalfc.com/news/foreign-audit-firms-may-get-full-practising-rights-946

Regards

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P-A-W-A-N (TAX - MANAGER AT GURGAON) (541 Points)
Replied 01 June 2010

they are firms

1 Like

Siddharth (s) (87 Points)
Replied 01 June 2010

if they are firms then how is it possible that they are having so many no. of partners in their firm

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CA VINAY BANSAL (In job with KPMG) (289 Points)
Replied 01 June 2010

Sid,

they are firms and they are having mutliple partners and associates in their group.

They dont sign all the audits on their own name.

Anup rathi (CA FINAL) (268 Points)
Replied 01 June 2010

boss dey r audit firms n not company....its a type of partnership firms having partners who are ca having cop n entitled to a share in d profits of d firm for ur ref dey also hv to undergo a peer audit.....so dnt get urself confused....

Rajat Kedia ACA CS MCOM (Assistant Manager) (613 Points)
Replied 01 June 2010

They are not performing audit by their names as they have multiple firms associated with them like S.R batliboi for EY and BSR & Associates for KPMG and hence the y are performing audit with so many partners.