The Council was of the view that the provisions of sections 143(12) of the Companies Act 2013 applied to the auditors appointed under the Companies Act 2013 to audit the financial statements for the year beginning on or after 1st April 2014. As a corollary, the requirements of these sections and related Rules would not apply to audits of financial statements of the periods beginning on or before 31st March 2014,
The Council of the view that such quarterly/ half yearly audits are not carried out pursuant to the requirements of the Companies Act 2013 (rather to meet the specific requirements of the auditee company, for example, to comply with the listing agreement requirements) as the latter only envisages audit of the annual financial statements.
Section 143(3)(i) of the Companies Act 2013 requires the auditors of the companies to report as whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
In a number of cases, it has been noticed that the aforesaid instructions are not being followed and as a result various Ministries/Departments continue to make references to DoPT seeking relaxation of the conditions for one reason or the other. The most common reasons given by the employees are unawareness of the rules and non-availability of Authorized Travel Agents viz. M/s Ashok Tmvels, M/s Balmer Lawrie & Company at places where the tickets have been booked from.
The attention of the Government has been drawn to the concerns expressed about instructions imposing the use of Hindi in non Hindi speaking States. The Department of Official Languages, Ministry of Home Affairs, Government of India had issued a circular on 10th March, 2014 stating that in keeping with the existing policy of the Government […]
Railways’ Clarification on Revision of Passenger Fare & Freight Rate In connection with the Revision of Passenger Fare and Freight Rates, the Ministry of Railways would like to clarify the following: The Order of Fare and Freight revision issued by the Ministry of Railways today, as finalised by the previous Government, is only 10 % […]
