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
Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld…
Supreme Court lays down tests to determine whether a debt is a financial debt or an operational debt under IBC…
Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies…
Application though named as rectification but if tax imposed is not legitimate then it also touches upon the merit –…
Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of current FMV to be further…
ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee In a recent…