Relaxation of 20 Audit Ceiling Limit on Statutory Audits

MCA has vide Notification dated 05/06/2015 has exempted from Statutory Audit ceiling limit  of  20 company audit limit  the following Companies :- - See more at: http://taxguru.in/company-law/govt-relaxes-20-audit-ceiling-limit-statutory-audits.html#sthash.qHTUXw7f.dpuf

MCA has vide Notification dated 05.06.2015 has exempted from Statutory Audit ceiling limit  of  20 company audit limit  the following Companies:

•  other than one person companies

• dormant companies,

• small companies and private companies having paid-up share capital less than one hundred crore rupees.

So now the Limit of 20 Companies includes:-

• Public Companies

• Private Companies having paid up capital of Rs. 100 crore or more

Revised Clause (g) of Section 141 of Companies Act is as follows :-

(g) a person who is in full time employment elsewhere or a person or a partner of a firm holding appointment as its auditor, if such persons or partner is at the date of such appointment or reappointment holding appointment as auditor of more than twenty companies other than one person companies ,dormant companies, small companies and private companies having paid-up share capital less than one hundred crore rupees.