PRATEEK GOYAL (STUDENT OF CA FINAL) (96 Points)
22 September 2009does limit on specified no of audit assignments u/s 224(1B) read with ca notification cover tax audits also.
if not , is there any other limit on such tax audit per auditor??
@ CA. $ahar$h @
(Student)
(338 Points)
Replied 22 September 2009
no, sec 224 (1B) do not include tax audits.actually sec 224(1b) was introduced to limit the statutory audits so that big ca firms (big fishes) dont take away all the good materials.
But I will again get back to you as the same is explained in surbhi bansal mam's book check pcc book.
@ CA. $ahar$h @
(Student)
(338 Points)
Replied 22 September 2009
no, sec 224 (1B) do not include tax audits.actually sec 224(1b) was introduced to limit the statutory audits so that big ca firms (big fishes) dont take away all the good materials.
But I will again get back to you as the same is explained in surbhi bansal mam's book check pcc book.
Navneet Gupta
(Article)
(129 Points)
Replied 24 December 2009
sec 224(1B) does not cover tax audits. It covers only the stat. audits but there is another notification issued by ICAI which limits the number of tax audits to 45 per CA.
If a CA accepts more than 45 tax audits then he would be guilty of professional misconduct.
CA Ashish Bansal
(Manager Finance & Accounts)
(73 Points)
Replied 30 December 2009
As per sec 224(1B) it does not cover Tax Audits. Maximum Cileling Limits ot Tax Audit per Auditor is 50.
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