Mandatory Cap of 60 Tax Audits Per Partner Announced
In a notification issued on Tuesday, the ICAI clarified that each partner in an accounting firm will be allowed to undertake a maximum of 60 tax audits annually. While the 60-audit cap has long applied to individual practitioners, partnership firms previously operated under a combined limit, often leading to senior partners absorbing quotas of junior ones’ practice, now under scrutiny.
“These guidelines are mandatory, not advisory. We won’t hesitate to take disciplinary action against violators,” ICAI President stated at a press conference on Wednesday.