Eligibility Norms for Chartered Accountants to Conduct Audit under Income Tax Act

As the due date for Audit u/s 44AB and Other Audit under Income tax is coming near, many of us are waiting for the schema and forms to file the Tax audit reports to the Income Tax Department. In most of the cases the Audit are already completed. We would like to bring this to the notice of our fellow Chartered Accountants that the Finance Act 2015 has changed the definition of  "Accountants" and has put some restrictions on Chartered Accountants to carry on Audit/attestation/certification for certain types of assessee. The Chartered Accountants will not be allowed to provide the services other than representation services to these assessee.

New Cost Audit Report and Appointment Format

With The Companies (Cost Records and Audit) (Amendment) Rules, 2015, MCA  has issued new Cost Audit Report e-forms CRA 2 and CRA 4. The form CRA 2 is available on MCA website for filing and CRA 4 will be shortly made available. Now companies can file their Cost Auditor Appointment and Cost Auditor can file the Audit report with the use of CRA-2 and CRA-4 respectively. Here in this post we are giving the usage and last dates to file these forms with the ROC.

No more than 4 Banks for Concurrent Audit

The council of the Institute of Chartered Accountants of India, has decided to limit the number of Banks a Chartered Accountant can do Concurrent Audit of to 4. The council in its 342nd Council Meeting decided that 

"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."