Birds eye view of various provisions under Companies Act, 2013 with respect to Accounts of Companies- Provisions related to Accounts to be kept at Registered office of the Company, Accounts which needs to be kept for 8 financial years, True and fair/Accounting standard/Schedule III, Consolidated financial statement, Re-opening of accounts, Constitution of National financial reporting authority (NFRA), Voluntary revision of financial statements or board’s report, Approval & signing of financial statement (FS), Board Report (BR), Corporate Social Responsibility (CSR), Copy of Financial Statements to be filled with Registrar and Internal Audit.

Sr. No. Section Ref Highlights of section in brief
1 128 To be kept at Registered office:

Books of account etc. of the Company (including its branch or office) shall be prepared and kept at its registered office

2 128 To be kept for 8 FY’s:

The books of account including all vouchers relevant to any entry shall be kept for the period of not less than 8 FY’s immediately preceding FY

3 129 True and fair/Accounting standard/Schedule III:

The financial statement shall give true and fair view, comply with accounting standards and prepared in form as provided in schedule III

4 129 Lay before AGM:

At every AGM the board of directors lay before meeting the financial statement

5 129 Consolidated financial statement:

Where company has one or more subsidiaries or associate companies, in addition to financial statement prepare a consolidated financial statements. Also required separate statement containing silent feature of subsidiaries and associates Co.

6 130 Re-opening of accounts :

The Company can open and recast its books of accounts upto 8 FY’s base on application made by Central Govt, Income Tax, SEBI, any other statutory body or (any person concern-fees Rs. 5000) and order by court or tribunal to effect earlier fraudulent or mismanagement accounts.

7 131 Voluntary revision of financial statements or board’s report:

If appears to Directors that FS not comply with section 129 or section 134- may prepare revised financial statements or report in respect of any of preceding 3 FY’s after obtaining approval of tribunal on application made.

8 132 Constitution of National financial reporting authority (NFRA):

Central Govt. may constitute NFRA

– to provide for matters related accounting and auditing standard

have power to investigate for such class of body corporate or persons into the matter of professional misconduct of any member CA or firm of CA under ICAI (provided that no other institute or body shall initiate of continue any proceeding where NFRA has initiated has initiated an investigation).

– have the same power of civil code under code of civil procedure

9 133 Central Govt. to prescribed accounting standard as recommended by ICAI and after consultation with NFRA
10 134 Approval & signing of financial statement (FS), Board Report (BR):

FS (including consolidated FS-if any) – approved by BOD, signed by chairperson (if authorise) or by two Director (out of that one MD-if any) and CEO/CFO/CS wherever appointed, One person Co.- only by one Director for submission to auditors for his report.

Board Report –signed by chairperson (if authorise) or by two Director (out of that one MD-if any) or director where there is one director.

Signed FS include- notes forming part, audit report and Board report

11 135 Corporate Social Responsibility (CSR):-

– Applicable to Co. having networth of Rs. 500 Crores or more or turnover of Rs. 1000 Crores or more or net profit of Rs. 5 Crore or more in immediate preceding FY.

– Need to spend at least 2% of average net profit of preceding 3 FY’s

– Need to constitute CSR committee and comply with other provisions

12 136 Audited FS need to send to each member before 21 days of general meeting (refer other provisions).

Refer this section if listed Co. / foreign subsidiary / subsidiary Co. etc.)

13 137 Copy of FS to be filled with Registrar:

– within 30 days of AGM

– within 180 days from closure of FY (in case of 1 person Co.)

– attached accounts of subsidiaries incorporated outside India (where not audited/not required in local laws of that country then English transaction of unaudited FS)

14 138 Internal audit:

Companies required to appoint internal auditors

– Listed Co.

– Unlisted public Co. (in preceding FY- paid up share capital of Rs. 50 crores or more or turnover Rs. 200 crores or more or O/s loan or borrowing from banks or public financial institutions of Rs. 100 crores or more or o/s deposit of Rs. 25 crores or more

– Private Co.- in preceding FY – Turnover of Rs. 200 Crores or more or O/s loan or borrowing from banks or public financial institutions of Rs. 100 Crores

The information contained in above is as per relevant act. Whilst every care has been taken in the preparation of this document, it may content inadvertent errors for which we shall not be held responsible. The information given in this document provides bird’s eye view on overall. As required to refer under each circumstances would call for specific reference of the relevant statutes, rules, notification and circulars etc.

Author Bio

Qualification: CA in Practice
Company: S G Soni & Associates
Location: Pune, Maharashtra, IN
Member Since: 16 Dec 2018 | Total Posts: 3

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  1. S K Singal says:

    Most Auditors are circumventing provisions of Chapter V of The MSMED Act, 2006 while preparing Audit Report… rendering themselves too liable for legal proceedings for such defaults and favoring their Auditees ?
    How can we know about details of Auditors of corporate sector ?
    e.g., where can we find contacts of Auditor of SAIL, RCFLtd and Visakhapatnam Port Trust, Coal India Ltd and its subsidiaries to alert them about our dues under The MSMED Act, 2006 from these Companies

    1. sandeepsoni8 says:

      1. In case of listed Co. like SAIL and RCF Ltd. you can check on their web portal under investor section for financial statements / Annual Report- in that you can find details of auditors
      2. In case of unlisted co., you can take copies of audited financial statements copy on ROC/MCA portal by paying nominal fees.
      Hope this will resolve your query

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January 2021