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Shweta B asked 1 year ago

Sir, How much is the limit for the auditor holding credit card on the bank where he is the auditor? In November 2020 icai mat it\’s 100000 and for May 2021 it\’s 10,000. please clarify. 

1 Answers
RaviRavi Staff answered 1 year ago

Earlier Indebtedness Limit was 10,000
Now as per Council Guidelines 2008, indebtedness limit is revised to 1,00,000
So credit card indebtedness limit is also revised to 1,00,000
But this point is not yet updated in ICAI study material, i have mailed it to them.
See following text issued by ethical standard board 

A Chartered accountant can hold the credit card of a bank when he is also the auditor of the bank, provided the outstanding balance on the said card does not exceed Rs 100,000* beyond the prescribed credit period limit on credit card given to him. (*As per the limit of indebtedness existing as on date.)

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