how many companies can a auditor audit and does the law is same for both public and private companies give me the detail regarding the above sections and if and new ammendments have been passed refarding this matter
7 Replies
(Guest)
For the purposes of sub-sections (1B) and (1C)of Sec 224, "specified number" means,-
(a) in the case of a person or firm holding appointment as auditor of a number of companies each of which has a paid-up share capital of less than rupees twenty-five lakh, twenty such companies;
(b) in any other case twenty companies, out of which not more than ten shall be companies each of which has a paid-up share capital of rupees twenty-five lakh or more.
Explanation II.-In computing the specified number, the number of companies in respect of which or any part of which any person or firm has been appointed as an auditor, whether singly or in combination with any other person or firm, shall be taken into account.]
neeraj
(student)
(184 Points)
Replied 25 December 2008
hellowwwwwww
Mr. ketan is rightttttttttttttttttttttt.....................
Sripada M
(CA)
(365 Points)
Replied 26 December 2008
The auditor can maximum accept 20 audits out of which the number of audits should not exceed 10 where the paid up capital is more than 25 lakhs
INCLUSIONS:
ØAudit of Public Limited Companies
ØJoint audits or Part audits in case of Public Ltd Co
ØSection 25 Company audit (Not for Profit)
EXCLUSIONS:
ØAudit of Private Limited Companies
ØAudit of Corporations
ØAudit of Branches
ØSpecial Audits
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 31 December 2008
For your query Section 224 o Companies Act 1956 is applicable ......u can get the info from there
HARSHIT KABRA
(STUDENT)
(81 Points)
Replied 02 January 2009
Sripada is rite. For furthe clarification sec.224 of Companies Act can be refered.
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