Solution
As per companies Act 2013 maximum limit of a company is 20 excluding one person company, small company, dormant company having paid up capital less than 100 crores. As per ICAI guidelines a chartered accountant can take maximum 30 audit including Pvt.co. In this limit of 30 we will consider OPC, small co., dormant co, Pvt co having paid up less than 100 crores.
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Now, let's delve into the key concepts mentioned in the article:
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Companies Act 2013: The Companies Act 2013 is a comprehensive legislation in India that regulates the incorporation, management, and dissolution of companies. It encompasses various provisions, including those related to corporate governance, financial reporting, and audit requirements. The Act sets forth the legal framework for different types of companies and establishes rules regarding their structure and operations.
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Maximum Limit of a Company: The article mentions that, as per the Companies Act 2013, the maximum limit of a company is 20, excluding one-person companies, small companies, and dormant companies having paid-up capital less than 100 crores. This limit likely pertains to the number of members or shareholders that a company can have within these specified categories.
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ICAI Guidelines for Chartered Accountants: According to the Institute of Chartered Accountants of India (ICAI) guidelines, a chartered accountant can undertake a maximum of 30 audits, including private companies. It's important to note that within this limit of 30 audits, consideration is given to different types of companies, such as one-person companies (OPC), small companies, dormant companies, and private companies having paid-up capital less than 100 crores.
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Audit Limit and Inclusions: The article implies that the 30-audit limit set by ICAI is inclusive of various types of companies. This includes OPC, small companies, dormant companies, and private companies with paid-up capital less than 100 crores. This broadens the scope of audits that a chartered accountant can undertake while staying within the prescribed limit.
In conclusion, the information provided in the article outlines the maximum limit of members for a company under the Companies Act 2013 and sheds light on the audit restrictions imposed by the ICAI, considering various types of companies within the specified audit limit. This nuanced understanding is crucial for businesses and chartered accountants to comply with legal and professional standards in the corporate landscape.
