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Audit query urgent.!!!!!!!help

Nirmit Choraria (CA Final) (1333 Points)

05 November 2011

I am an ipcc student i have my exam in this Nov i hav a small query regarding ceiling the number of audit by a CA as per companies act 1956 and as per icai. and the query is that as per companies act limit is public company 20(10 more 25 SC) nd icai says 30 companies...

so does it means that as per icai 20 publice and 10 private..???

2. If an auditor gets disqualifed under sec 226(3) nd 226(4) den it reappoint is done by BOD or Central Govt..??

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5 Replies

ashish gupta ( student) (1922 Points)
Replied 05 November 2011

1. yes 20 public companies as per companies act and as per ICAI 30 companies including pvt companies. so 20 public and 10 pvt

2. if auditor gets disqualified BOD can fill the vacancy

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siddharth jain (ca- ipcc) (197 Points)
Replied 06 November 2011

as per icai auditor can entertain maximum 30 audit assignment whether of public co./private co./partnership firm/llp/proprietary

as per explanation to section 224(1B) of companies act the ceiling limit for public ltd co. is 20

so the conclusion is that an auditor can take maximum 30 audit assignment(of any type of entity) in which no. of audit assignment of a public company can not exceed 20

Nirmit Choraria (CA Final) (1333 Points)
Replied 06 November 2011

one more thing frndz.. the limit of 25lacs i.e 10 company with share capital of 25lac is only for public company or it is there for private company also..??????