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Clarification on Sharing of Fees with Government

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The Institute came across certain Circulars / Orders issued by the Registrars of various State Co-operative Societies wherein it has been mentioned that certain amount of audit fee is payable to the concerned State Government and the auditor has to deposit a percentage of his audit fee in the state Treasury by a prescribed challan within a prescribed time of the receipt of Audit fee. Recently, the Council considered the issue and while noting that the Government is asking auditors to deposit such percentage of their audit fee for recovering then administrative and other expenses incurred in the process, the Council decided that as such there is no bar in the Code of Ethics to accept such assignment wherein a percentage of professional fees is deducted by the Government to meet the administrative and other expenditure.

     
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