Dear Friends,
I found the following mistake in Munish Bhandari Sir LAW Textbook for CA Final(January 2016 edition) applicable for MAY 16 Exams:-
- In the Chapter Audit & Auditors- Section 141(3) of the Companies Act - Disqualifications for an auditor under sub clause- g (Page 3.13) its given that while computing the limit of 20 company audits per partner/person the audit of private companies shall be included for reckoning the above limit.
However MCA Notification No. F. No. 1/1 /2014-cL.V(G,S.R. 464(E) dated 05.06.2015 with regard which provides exemption for private companies states that private companies having paid-up share capital less than one hundred crore rupees will not covered under the aforesaid limit under Section 141(3)(g).
The notification further states that one person companies, dormant companies, small companies, shall also not be reckoned for reckoning above limit of 20 companies.
However, Munish Bhandari Sir book does not contain anything with regard to the same.
The notification is availble at https://resource.cdn.icai.org/37873clcgc-notification.pdf
It is to be noted that the above notification is applicable for CA Final May 2016 Exams as per BOS -ICAI
CAclubindia
