Excel for
Chartered Accountants
As per ICAI Announcement on the brief decisions of the Council of the Institute of Chartered Accountants taken in its 342 nd meeting and hosted on its website on 15-05-2015, a limit has been put on the number of the concurrent audit of banks by chartered accountants firm.
The brief of the Announcement is read as under:
“The Council decided to fix limit on concurrent audit of banks at 4 audits per member per year. Cooperative banks and RRBs were exempted from the limit. The above limit will come into effect from 1.1.2016 ”
What is to be seen is that the word used is “member” not the “partner”. However, still it does not speak out with absolute clarity whether the ceiling of 4 bank audits per member as above, shall also apply to Proprietorship Firm (without without CA employees) or is applicable for partnership firms alone.
If the word “member” here in fact stand for “partner”, the irony caused can be very well visualized by the following:
|
Firm Constitution |
No. of Partners/CA Employees |
Number of Permissible Bank Concurrent Audit |
|
Proprietorship |
1 |
Nil |
|
Proprietorship |
2 or more |
Nil |
|
Partnership |
2 |
8 |
It can be very well seen that a Proprietorship Firm, despite with equal members is stand at loos of eight numbers of audit in contrast to a Partnsership Firm of same strength.
Let us hope that a clarification is already in the anvil in this regard.
See ICAI Announcement Click Here >>
ICAI Fixes Bank Concurrent Audit Limit at 4 Audits Per Member Per Year w.e.f. 01-01-2016 |16-05-2015|
