Internal Auditor cannot undertake GST Audit of the same entity simultaneously- ICAI. Bar on internal auditor regarding tax audit also apply to GST Audit
The ICAI had received the following query from the members and other stakeholders as to:
With respect to a similar question regarding Tax Audit u/s 44AB of the Income Tax Act, 1961, the ICAI in 2008 had held that internal auditor of an assesee, whether working with the organization or independently practising Chartered Accountant being an individual chartered accountant or a firm of chartered accountants, cannot be appointed as his Tax auditor.
The Council of the Institute in its 378th Meeting held on 26th and 27th September, 2018, noting its earlier decision and decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit (under Income Tax Act, 1961) will also be applicable to GST Audit (under the Central Goods and Service Act, 2017).
Accordingly, it was clarified that an Internal Auditor of an entity cannot undertake GST Audit of the same entity
Form 26 to replace Form 3CD of tax audit report from Tax Year 2026-27 Draft Form 26 has been issued…
When AO do not make any addition on the basis of the reasons on which the reopening was done, the…
Under MV Act separate compensation can not be granted under the head “loss of love and affection” – Supreme Court…
Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a…
Delay in furnishing Form 10B – Period between 15.03.2020 till 20.08.2022 to be excluded as per decision of Hon'ble Supreme…
Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause…