Signature of audit reports Signing auditors’ report in firms name Whether legally valid

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... auditors' reports on the balance sheet and profit and loss accounts of companies in a "firm name", this Department is advised that in view of sections 4 and 5 of the Indian Partnership Act, 1932, there cannot be a "firm name" without a contract of partnership between two or more persons. Hence, the question of a single chartered accountant carrying on his profession in a firm name should not aris....