Prohibited Services by the same auditors

Prohibited Services:-

Under the Companies Act 13, an auditor will be allowed to provide only such other services to the company as are approved by its board or audit committee. However, the Auditor is not allowed to render the following services either directly or indirectly to the company, its holding or subsidiary company:

i) Accounting and book keeping services

ii) Internal audit

iii) Design and Implementation of any Financial information system

iv) Actuarial services

v) Investment advisory services

vi) Investment banking services

vii) Rendering of Outsourced financial services

viii) Management services

ix) Any other kind of services as may be prescribed

In case of Audit firm the above Restrictions also apply to

i) Audit Firm

ii) All Partners of the Firm

iii) Its Parents, Subsidiaries and Associate entity

iv) Any other entity in which the firm or any of its partners have significant control, influence.