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Shital JainShital Jain asked 12 months ago

In a Partnership of 3 Partners(X,Y,Z)
Partner Z signed 30 Stat Audits (excluding Small Co and Dormant Co) and Partner X and Y didnt sign any of the Stat Audit Reports.
Then How many Audits he (Partner Z) can sign in his Individual Capacity ?
Can I assume that all the above Audits are signed on behalf of firm and Still continue to sign 20 More Audits in his Individual Capacity ?

1 Answers
RaviRavi Staff answered 12 months ago

Every assignment is signed by a partner of a firm. So we can easily know it is covered under which partner.
Company Audit Limit Per Partner as Per Sec 141 of Co Act is 20 Excluding (One Person Company / Small Company / Dormant Company / Private Company Having Paid Capital Less than 100 Crores)

Company Audit Limit Per Partner as per Council Guidelines is 30 Excluding (One Person Company / Dormant Company)
Now limit of one partner cannot be used by other partner

In Tax Audit Limit is 60 per partner as per council guidelines and here limit of 1 partner can be used by other.

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