Is there any disqualification of an auditor if he is Indebted to a partnership

Is there any disqualification of an auditor if he is
Indebted to a partnership firm and proprietor???

Question Posted / jitindersingh

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Is there any disqualification of an auditor if he is Indebted to a partnership firm and proprietor?..

Answer / lakshmi

if the auditor gives surity to any person for the amount of
rs.1000 he is disqualified as per the companies act 1956.

Is This Answer Correct ?

7 Yes

3 No

Is there any disqualification of an auditor if he is Indebted to a partnership firm and proprietor?..

Answer / rajesh96186

when the debt increases 1000 the auditor is disqualified

Is This Answer Correct ?

7 Yes

4 No

Is there any disqualification of an auditor if he is Indebted to a partnership firm and proprietor?..

Answer / manish shah

NO THERE IS NO DISQUALIFICATION OF AN AUDITOR IF HE IS
INDEBTED TO A PARTNERSHIP FIRM AND PROPRIETORSHIP FIRM AS
THERE IS NO PROVISION IN THE LAW FOR THE SAME. ONLY
PROVISION FOR THE SAME IS FOUND IN THE COMPANIES ACT 1956,
IF THE AUDITOR IS INDEBTED TO A COMPANY FOR RS 1000/-OR
MORE AND HELD SHARES OF THE COMPANY IN WHICH HE IS AUDITOR
FOR MORE THAN RS 1000/- AND THE SAME IS NOT DECLARED THAN
THE AUDITOR IS DISQUALIFIED.

Is This Answer Correct ?

3 Yes

1 No

Is there any disqualification of an auditor if he is Indebted to a partnership firm and proprietor?..

Answer / ramneek

Yes the auditor may be disqualified if he violates the limits given as per applicable law or council general guidelines 2008. Since in case of partnership firms or proprietor firms no limits have been specified by any law which govern them and therefore disqualification will be checked on the basis of limits given in council guidelines 2008 of ICAI.

Is This Answer Correct ?

0 Yes

0 No

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