Appointment of - Whether branch audits of Indian companies and audit of Indian business accounts of foreign companies are to be included while calculating specified number in terms of Explanation I to sub sections (1B) and (1C)

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....t of - Whether branch audits of Indian companies and audit of Indian business accounts of foreign companies are to be included while calculating specified number in terms of Explanation I to sub‑sections (1B) and (1C) A question has been raised as to whether the auditors of the branches of the Indian companies and the audits of the Indian business accounts of the foreign companies which hav....

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....in Explanation II cannot have any reference to branch audit which as noted above does not fit into the context of section 224. The said words relate to the antecedent number and not "companies" insofar as they are of any material significance to the context. Hence, the branch audits are not to be included while calculating the specified number of 20 audits. As regards the audit of the accounts of....