TANISH SHARMA asked 3 years ago
Dear sir
It is written in the applicability that if an entity has accepted funds from pfi,banks, public borrowing in excess of 50 crore during period under review.
Sir what do we mean by period under review?
If we take 3 yrs in case of level 1 entity as period under review then a confusion arise since we are checking this limit for level 1 entity and at the same time we applied time lime limit of level 1 entity 😕
Please clarify sir
Thank you
Ravi Staff answered 3 years ago
ABC & Co is partnership firm, they will have to determine whether they are level I firm and send declaration to peer review board when they get intimation for peer review.
they will make list of audits they have performed during past 3 years, they will identify whether any of there clients raised funds more than 50 crores during these 3 years, if answers is yes they are level 1 firm, they will inform peer review board they are level 1 firm.
what is the confusion ?
these are criteria to decide whether firm is level 1