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AUDIT OF PARTNERSHIP ACCOUNTS

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AUDIT OF PARTNERSHIP ACCOUNTS

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    1. AUDIT OF PARTNERSHIP ACCOUNTS www.professoraugustin.com

    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 www.professoraugustin.com

    3. Advantages of Audit to Partnership Firms Building Mutual Trust & Mitigates chances of disputes www.professoraugustin.com

    4. Partners who do not take active part in affairs of the firm www.professoraugustin.com

    5. Death or Retirement of Partner www.professoraugustin.com

    6. Ancillary Services Strengthening of Internal controls Advisory service on taxation policy Over Draft Other banking facilities www.professoraugustin.com

    7. Appointment of Auditor www.professoraugustin.com

    8. AUDIT PROCEDURE Study the Partnership Agreement Carefully www.professoraugustin.com

    9. Agreement should be signed by the partners www.professoraugustin.com

    10. Study the partners contribution Amalgamation with another firm Review the Internal Controls Study the Organisational structure of the firm www.professoraugustin.com

    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 www.professoraugustin.com

    12. Audit on behalf of Existing Partner www.professoraugustin.com

    13. Audit on behalf of a Retiring Partner www.professoraugustin.com

    14. Audit on behalf of a Sleeping Partner www.professoraugustin.com

    15. Audit on behalf of the representative of a Deceased Partner www.professoraugustin.com

    16. THANK YOU www.professoraugustin.com

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