audit of partnership accounts 1219995514488572 9

AUDIT OF PARTNERSHIP ACCOUNTS

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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

Advantages of Audit to Partnership Firms

• Building Mutual Trust & Mitigates chances of disputes

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Partners who do not take active part in affairs of the firm

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Death or Retirement of Partner

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Ancillary Services

• Strengthening of Internal controls

• Advisory service on taxation policy

• Over Draft

• Other banking facilities

Appointment of Auditor

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AUDIT PROCEDURE

• Study the Partnership Agreement Carefully

• Agreement should be signed by the partners

• Study the partners contribution

• Amalgamation with another firm

• Review the Internal Controls

• Study the Organisational structure of the firm

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

Audit on behalf of Existing Partner

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Audit on behalf of a Retiring Partner

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Audit on behalf of a Sleeping Partner

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Audit on behalf of the representative of a Deceased

Partner

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THANK YOU

Gunasheelan - 05A088

Chandra Varma - 05A084

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audit of partnership accounts 1219995514488572 9

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