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LLP as auditor...

Auditing

The term LLP means what....?How LLP can be a auditor..... explain the term....

Ramya Devi

CA Inter

★ 580

20-Jul-20 16:46

416

Answers (6)

LImited liability partnership.

CA Suraj Lakhotia

Admin

20-Jul-20 17:50

Limited liability partner means?

Thread Starter

Ramya Devi

CA Inter

★ 580

21-Jul-20 13:47

Thread Starter

Ramya Devi

Limited liability partner means?

A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. LLP is a firm, so if the partners of LLP are practicing CAs, then such LLP can be appointed as teh auditor ICAI permits practicing Chartered accountants to practise only through a partnership firm, proprietorship firm or limited liability partnership.

Sudha Reddy

CA Final

★ 20K+

21-Jul-20 23:35

Thank you....

Thread Starter

Ramya Devi

CA Inter

★ 580

23-Jul-20 09:47

Sudha Reddy

A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. LLP is a firm, so if the partners of LLP are practicing CAs, then such LLP can be appointed as teh auditor ICAI permits practicing Chartered accountants to practise only through a partnership firm, proprietorship firm or limited liability partnership.

What is tech auditor