CA. Rohit Vishambhari, Vns. (Chartered Accountant) (150 Points)
24 February 2011DEAR,
IS IT NECESSARY TO FIRST COMMUNICATE WITH THE PREVIOUS AUDITOR IN CASE OF REVENUE AUDIT OF THE BANK FOR A PARTICULAR PERIOD.
FACTS:
TIME FOR GIVING ACCEPTANCE TO THE BANK - 3 DAYS
PREVIOUS AUDITOR DETAILS ARE NO WHERE MENTIONED IN APPOINTMENT LETTER.
PLZ HELP. ITS URGENT...
Q. Whether communication by the Incoming auditor is mandatory with the previous auditor in respect of various audit assignments, like the concurrent audit, revenue audit, tax audit and special audits etc.?
A. Yes, the requirement for communicating with the previous auditor would apply to all types of audits viz., statutory audit, tax audit, internal audit, concurrent audit or any other kind of audit. The Council has laid down detailed guidelines in this regard and the same are appearing at pages 166-168 of Code of Ethics, 2009 .
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