What will be the ceiling on number of audits as per Company Act 2013t?
What will be the ceiling on number of audits as per Company Act 2013t?
Chiranjibi Aug. 28, 2018
The ceiling limit by ICAI is 20, whereas as per CA act it is 30. Let me explain.
As per ICAI, the limit is 20. However, the following companies shall not take into account while counting 20 which are as follows:
- OPC Company
- Small company
- Dormant company
- Other private company having paid up share capital of less than 100 Crore..
As per CA act, 30 is the maximum no. of audits you can take. No exceptions here.
So, to conclude, you can have 30 audits, but you can not exceed 20 public companies and private companies -(with paid up capital more than Rs 100 crores).
