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Tax audit and statutory audit of a company

Abhishek Gupta (Accounts Manager) (97 Points)

09 May 2014

Can two different auditors perform tax audit and statutory audit separately for XYZ (P) Ltd. company for the same financial year?

Thanks in advance.

Awaiting reply.

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Deepak Gupta (CA Student) (15922 Points)
Replied 09 May 2014

Originally posted by : Abhishek Gupta
	Can two different auditors perform tax audit and statutory audit separately for XYZ (P) Ltd. company for the same financial year? Thanks in advance. Awaiting reply.

Yes.
.
Section 44AB of the Income-Tax Act, 1961, stipulates that only Chartered Accountants should perform the tax audit. This section does not stipulate that only the statutory auditor appointed under the Companies Act or other similar Statute should perform the tax audit. As such the tax audit can be conducted either by the statutory auditor or by any other chartered accountant in full time practice.