Who does audit of ICAI?

ICAI invites applications from eligible Chartered Accountant firms for appointment as Statutory Auditor for its units i.e. Branches, Decentralized Offices and Regional Councils (Details whereof are given at Annexure – “A” hereto) for the financial year 2020-21.

Can an auditor have a certificate of practice today without being a Chartered Accountant *?

Yes. You need not be a Chartered Accountant, if you have to be appointed as an Internal Auditor of any enterprise. You can be either an employee, part of the firm, and in the Internal audit department of the firm, or part of an external agency that is appointed as an Internal Auditor.

Who appoints the statutory auditor?

Appointed by the Comptroller and Auditor General of India. This has to be done within 60 days from the date of Registration. Appointment can also be done by Board Of Directors within 30 days of incorporation. Members can also appoint at an Extraordinary General Meeting within 60 days of Information.

Who is liable for statutory audit?

LLP: Statutory Audit is Applicable only if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs. Private Limited Company/Public Limited Company: Mandatory irrespective of Turnover, Profit, etc.

Can a CA in practice be promoter director?

No, in case of Promoter/ Promoter Director.

Can statutory auditor can rely on internal auditor?

The role of the internal audit function within an entity is determined management and its prime objective differs from that of the external auditor who is appointed to report independently on financial information.

Can a practicing CA be trustee?

Hence, Chartered Accountant in Practice be generally permitted to engage as a Trustee of a Trust. and for this they not require any specific permission from the ICAI.

Is Ca necessary for auditing?

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, The Person is carrying on business and his Total Sales/Turnover exceeds Rs. The Person is carrying on Profession, and his Gross Receipts exceed Rs. 50 Lakhs (Applicable from Financial Year 2016-17 onwards) or.

What is the role of a statutory auditor?

The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

What is a statutory auditor?

For the purpose of this notification, the expression statutory auditor means and includes a chartered accountant appointed as an auditor under a Central/State or Provincial Act as well as an auditor appointed under any agreement.

How are points allotted to CA firms for appointment as statutory auditor?

After allotting points, selection is made by correlating the point score of each CA firm. Below is a table showing points allotted to CA firms for appointment as statutory auditor where audit fees are up to Rs 150000. 0.5 point for every calendar year -Maximum 15.

Is a CA firm eligible for a PSU audit?

If the CA firm is a proprietorship concern then the sole proprietor must be a full time FCA to get eligible. After empanelment with CAG, CA firm will be eligible for PSU or statutory corporation audits. State governments are also asking CAG empanelment letter for various audit works.

Can a member in practice accept the appointment of statutory audit?

It is not permissible for a member in practice to accept the appointment of statutory audit of the society wherein immediate family member i.e., spouse or dependent, of member hold honorary position of one of the managing committee of the institutes governed by the society. 2.