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Death of partner

Balasubramani.B (Articled assistant) (155 Points)

27 January 2016

partner in a ca firm which is appointed as a concurrent auditor died. now whether the ca firm can be continued as a concurrent auditor?

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4 Replies

Sathish M (Management Accountant) (40581 Points)
Replied 27 January 2016

Bank needs to be intimated of the demise of the partner and they will decide in consultation with their management what steps to take next. At the mean time, the CA Firm can admit another partner so as to fulfil the eligibility criteria for awarding of Audit.

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Balasubramani.B (Articled assistant) (155 Points)
Replied 27 January 2016

so it wil be treated as a fresh appointment. am i rite?

Sathish M (Management Accountant) (40581 Points)
Replied 27 January 2016

If the firm retains the FRN then in that case, it can still be able to get the concurrent audit, if the management of the bank wishes to go ahead with the existing appointment.