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The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP.
Statutory audit refers to the audit based on the laws applicable on the entity for the time being in force. It is governed by the Indian Accounting Standards (Ind-AS) issued by Institute of Chartered Accountants of India from time to time. A Chartered accountant holding a certificate of practice in India is qualified to be a statutory auditor.
MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies). This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016 to 2017 on a mandatory basis
In India as in many other jurisdictions, an Limited liability partnership (LLP) is different from a Limited Partnership. A limited liability partnership (LLP) operates like a limited partnership, but in an Limited liability partnership (LLP), each member is protected from personal liability, except to the extent of their capital contribution in ...
ICAI also has sent a proposal to the Government of India to amend the Chartered Accountants Act, 1949 in order to enable to it to impose a fine of ₹ 1,00,00,000/- on audit firms if they are found guilty of colluding with companies to commit a fraud.
Sole Proprietorship – Sole Proprietorship firm is the simplest form of business entity in India. It is owned and managed by a single person. It is usually considered to be the easiest way of registering and starting a business. It is not governed by any law and hence it is the easiest form of business in India.
According to Section 132 of the Companies Act 2013, "NFRA is responsible for recommending accounting and auditing policies and standards in the country, undertaking investigations, and imposing sanctions against defaulting auditors and audit firms in the form of monetary penalties and debarment from practice for up to 10 years." [4]
It was given statutory recognition by the Government of India Act, 1919, and further strengthened by the Government of India Act, 1935. [8]: 51 After India gained independence and the Constitution came into force, the Auditor General was re-designated as the Comptroller & Auditor General of India. In 1971, the CAG's (Duties, Powers and ...