How many companies can a auditor audit?

20
than 30 companies. An individual cannot be an auditor for more than 20 public companies and of which not more than 10 companies should have a paid up share capital of more than Rs 25 lakh. individual / partner.

How many firms can an auditor audit per year?

This means an auditor shall not accept audit of more than 20 companies. However, the MCA has exempted the Dormant company and One Person Company from this ceiling limit. Also, the small companies and Private Limited Companies with less than 100 crores paid up share capital are excluded from the this limit.

When audit is done by two or more auditor it is said to be what?

Joint audit
A joint audit is an audit on a legal entity (the auditee) by two or more auditors to produce a single audit report, thereby sharing responsibility for the audit.

What is a dual audit?

A dual audit regime is where two engaged audit firms provide respective audit services and issue separate audit reports (Holm and Thinggaard 2018. and Thinggaard, F., 2018. From joint to single audits–audit quality differences and auditor pairings. Accounting and Business Research, 48 (3), 321–344.

What is the limit for company audit?

If the total sales, turnover or gross receipts does not exceed Rs 2 crore in the financial year, then tax audit will not apply to such businesses.

Can a company appoint 2 auditor?

In case the company has appointed firm of Auditors, then such auditors can be reappointed subject to the maximum of 2 terms i.e. (10 years) and after the expiry of 2 terms, it is not eligible for appointment for another term.

How many joint auditors are allowed for the conduction of an audit?

A joint audit is an audit of financial statements of an entity by two or more auditors appointed with the objective of issuing the audit report.

Is an auditor a servant of a company?

As a servant of the company: An auditor is the servant of the company as he is paid for the job performed by him for the company. He cannot be called as the servant of the directors of the company, rather he is appointed to check the work of the directors.

Is audit mandatory for all companies?

Statutory Audits can be mainly classified into two types, company audits and tax audits. As per Companies Act, 2013, every company, irrespective of its sales turnover or nature of business or capital must have its book of accounts audited each financial year.