What are the Audit Ceiling Limits ?
We are two partners in our firm. As per ceiling of audig assingment, we can undertake 90 audit assignement. I would like to know is it mendatory that I should sign only 45 audit reports and 45 audit reports should be signed by my partner OR either of us can sign all 90 audit assignments?
As members are aware:-
The maximum limit of Tax Audit for a member in practice, as individual or as a partner in a firm, was fixed at 30 as back as in 1989 with the objective of ensuring quality and equitable distribution of work. In view of fast expanding economy and increase in number of such assignments coinciding with enhancement of professional competence of members to perform quality services in an IT-enabled environment, it was decided to review the maximum Tax Audit limit. As such, the Council of the Institute at its meeting held from 30th April to 2nd May 2007 has decided to increase the Tax Audit limit for practising Chartered Accountants, as individual or as a partner in a firm, from 30 to 45.
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