Audit Of Partnership Accounts

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Audit Of Partnership Accounts

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Audit Of Partnership Accounts

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