Audit Of Partnership Accounts
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  • 1. AUDIT OF PARTNERSHIP ACCOUNTS
  • 2. INTRODUCTION
    • Registered or Unregistered as per the Partnership Act, 1932
    • It turnover exceeds 40 lakhs in any pr.yr, its subject to Tax Audit u/s 44 AB of Income Tax Act
  • 3. Advantages of Audit to Partnership Firms
    • Building Mutual Trust & Mitigates chances of disputes
  • 4. Partners who do not take active part in affairs of the firm
  • 5. Death or Retirement of Partner
  • 6. Ancillary Services
    • Strengthening of Internal controls
    • Advisory service on taxation policy
    • Over Draft
    • Other banking facilities
  • 7. Appointment of Auditor
  • 8. AUDIT PROCEDURE
    • Study the Partnership Agreement Carefully
  • 9.
    • Agreement should be signed by the partners
  • 10.
    • Study the partners contribution
    • Amalgamation with another firm
    • Review the Internal Controls
    • Study the Organisational structure of the firm
  • 11. Appointment of Auditor by Individual Partners
    • Audit on behalf of existing partners
    • Audit on behalf of a retiring partner
    • Audit on behalf of a sleeping partner
    • Audit on behalf of the representative of a deceased partner
  • 12. Audit on behalf of Existing Partner
  • 13. Audit on behalf of a Retiring Partner
  • 14. Audit on behalf of a Sleeping Partner
  • 15. Audit on behalf of the representative of a Deceased Partner
  • 16. THANK YOU Gunasheelan - 05A088 Chandra Varma - 05A084