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Shivam Agrawal asked 1 year ago

Forensic Audit services can be provided under corporate form? If yes then, can you give refrence under which rule, regulation etc such thing is permitted? And if not then, I think that’s not correct because recently sebi empanelled PROTIVITY INDIA MEMBER PRIVATE LIMITED, have a look upon this https://www.google.com/url?sa=t&source=web&rct=j&url=https://m.economictimes.com/markets/stocks/news/sebi-empanels-16-entities-to-conduct-forensic-audit/amp_articleshow/85588000.cms&ved=2ahUKEwisntWP6NXyAhU37nMBHZEiAY0QyM8BMAB6BAgMEAM&usg=AOvVaw0OR8erYpOGL_VbmAeQmoAv&ampcf=1
Please reply 🙏🙏

1 Answers
RaviRavi Staff answered 1 year ago

You have made a good point let me explain the legal position. As per concept of MCS/MCC statutory audits and periodical audits cannot be done by MCS/MCC. That means company cannot do such audits only audit such as energy audit,enviorment audit,quality audit or forensic audit etc can be done by Management consultancy company.  So CAs can do forensic audit in traditional form also and then can do forensic audit by MCC also.  we did some research about protiviti we went to MCA website to find out who are the directors, many directors are not from the CA background only one director is a CA but we dont know whether he is continuing with the membership etc. so basically if non CAs make company to do forensic audit it is absolutely fine as CA Act i not applicable to Non CAs.

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