Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 issued by the Auditing and Assurance Standards Board – (15-04-2017)
(Pursuant to Notification No. G. S.R. 307(E) and Notification No. G.S.R. 308(E) dated 30th March, 2017)
The Ministry of Corporate Affairs vide notifications dated March 30, 2017 has notified the Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to the Companies Act, 2013. Pursuant to these notifications, a new clause (d) has been inserted in Rule 11 of the Companies (Audit and Auditors) Rules, 2014 requiring auditors to report on whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company. Amendment has also been made to Schedule III to the Companies Act, 2013 to require that every company shall disclose the details of Specified Bank Notes held and transacted during the period from 8th November, 2016 to 30th December, 2016 in the specified format.
An urgent need was felt by ICAI for providing appropriate guidance to the members on this new reporting obligation
cast on statutory auditors of companies so that members can discharge their reporting obligation in an effective manner.
Auditing and Assurance Standards Board has brought out this ―Implementation Guide on Auditor‘s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013‖, well in time, for the benefit of the members. The Implementation Guide has been written in an easy to understand language and contains detailed guidance on various issues involved. It includes the following :-
- Frequently Asked Questions
- Illustrative List of Audit Procedures
- Reporting Scenarios
- Written Representation
- Text of Notifications no. G.S.R. 307(E) and G.S.R. 308(E)
- Text of Sections 129 and 143 of the Companies Act, 2013
Download Implementation Guide Directly from ICAI Website
