Statutory Audit Limit of Pvt.Ltd.Co.

[Mr anil gupta]

Dear Friends,

 

Request you to please confirm if there is any limit to Number of Statutory Audit of Private Ltd. Co. for an Individual Practitioner or Partner.

 

 

Thanks & Regards

CA Anil Gupta

[ca.hemantsahoo]

The ceiling limit for statutory audit of companies is 30 per CA wich includes PVT LTD companies. 

[vinod goyal]

pl. give an authentic and authoritative version citing provisions of company law and icai regulation and in case if the two are in conflict which one should prevail.

this is so because the existing proviso to sub section 1B of section 224 reads as under:

"PROVIDED THAT THE PROVISIONS OF THIS SUB-SECTION SHALL NOT APPLY ON AND FROM THE COMMENCE MENT OF THE COMPANIES (AMENDMENT)ACT,2000

TO A PRIVATE COMPANY".

The ramification of the correct view are far reaching and require immediate official announcement by icai instead of tongue in cheek heresay by any one on this portal.

 

Vinod Kumar Goyal,F.C.A.P.G.D in A.D.R.
Senior Partner V.Goyal & Associates
Chairman:A.N.M.I.,e.i.r.c.
Chairman:D.P.A.I.,e.i.r.c.

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From: ca.hemantsahoo <ca.hema...@gmail.com>
To: echange-pro...@googlegroups.com
Cc: ForumCA <foru...@googlegroups.com>; ARV <in...@arvsolutions.co.in>; Amit Agarwal <amita...@yahoo.co.in>; Mr anil gupta <anilg...@yahoo.com>; anilg...@yahoo.com
Sent: Tuesday, 6 August 2013 4:02 PM
Subject: [CA RUNGTA PD] Re: Statutory Audit Limit of Pvt.Ltd.Co.

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[Pankaj Agrwal]

As per my reading of section 224  1(B), there is no limit on number of audit of private limited companies. However, in determining the limit for audit of Public Limited companies, number of private companies will also be considered. 

 

However, if I remember correctly, there is one notification of the Institute which probably has limited the number of companies of which one can be auditor.

 

Thanks

 

 

CA. Pankaj Agrwal

225 Tej Kumar Plaza, Hazratganj,

Lucknow 226001

Phones: 0522-4009167

pan...@mgcoca.com; agrwal...@icai.org

agrwal...@gmail.com

 

From: foru...@googlegroups.com [mailto:foru...@googlegroups.com] On Behalf Of ca.hemantsahoo
Sent: Tuesday, August 06, 2013 4:02 PM
To: echange-pro...@googlegroups.com
Cc: ForumCA; ARV; Amit Agarwal; Mr anil gupta; anilg...@yahoo.com
Subject: [CA RUNGTA PD] Re: Statutory Audit Limit of Pvt.Ltd.Co.

 

 

The ceiling limit for statutory audit of companies is 30 per CA wich includes PVT LTD companies. 

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[CA. Pankaj Agrwal]

Dear  Sri  Vinod  Goyal ji,

 

I understand  this forum is for sharing of knowledge and information. Many times it is not always possible to give citations or write long answers. Your comment “instead of tongue in cheek heresay by any one on this portal” is not professional and unwarranted and will discourage the young professional to comment.

 

Now, reply to your specific query. I have also replied to this query which I hope you must have read.

 

The Institute has consolidated its notifications and has issued one general guideline titled “Council General Guidelines” in which the limit of 30 company audits per partner or per CA has been given. You may find this guideline as appendix in the Guidance Note on Tax Audit issued by the Institute and is  available on the website for download.

 

As regards your view that there is any conflict, I  am of the view there is no conflict. After amendment in the Act providing for no limit in case of private limited companies, the  council exercised its power to prescribe the  limit over number of audits. As  I remember, if correctly, the decision of the council to put limit on number of tax audit was challenged but was held intra  vires. 

 

Thanks

 

 

 

CA. Pankaj Agrwal

225 Tej Kumar Plaza, Hazratganj,

Lucknow 226001

Phones: 0522-4009167

pan...@mgcoca.com; agrwal...@icai.org

agrwal...@gmail.com