We have Compiled the Format of Statutory Audit Report of Companies for Financial Year 2013-14. The report has considered the certain changes as prescribed by Institute of Chartered Accountants of India (ICAI) consequent to notification of certain sections under Companies Act, 2013. We have highlighted the changes introduced in blue for your reference :- 

Independent Auditors’ Report

TO THE MEMBERS OF ABC LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of ABC Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the  General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

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(b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the  General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e. On the basis of the written representations received from the directors as on March 31, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of Section 274(1)(g) of the Act.

For ABC & Co Ltd.

Chartered Accountants

(Firm Registration No. 000000W)

ABC

Partner

Membership No.: 000000

Mumbai

Date :

Download Audit Report Format in MS Word Format

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0 responses to “Format of Statutory Auditors Report for Financial Year 2013-14”

  1. jatin says:

    how can we know that how many pan registered under one mobile number ?
    is that any ways for checking the list of PAN registerd from mobile number ?

  2. Kesava says:

    Dear Sir

    How I made Audit Report for company is in Pre-Operative i.e Pre-Operative Business

    Regards

    Kesava
    8124424728

  3. Rimpy says:

    Companies Act 2013 is not applicable for FY 2013-14. for this , CA 1956 is applicable as far as Bs is concerned as per MCA circulars.

  4. Ayush Sarraf says:

    Is this format is applicable for audit reports for the year ended 31.03.2014 ???

    According to this report , companies have to make Cash Flow statements , which is the part of financial statements according to Companies Act , 2013

    Please clear the applicability of this format of Audit Report.

  5. CA GIRISH KULKARNI says:

    Can you confirm whether companies Act 2013 applies to Audit Report for the ended 31.3.2014

  6. CA GIRISH KULKARNI says:

    I had doubt on applicability of Companies Act 2013 for Audit Report for the year ended 31.3.2013. In the given audit report, both things are mixed.

  7. Srinivas says:

    This is SA 700 (revised)

  8. CA Deepak Soni says:

    Is it possible to restore back to the old format of the auditors’report which prevailed before about ten years.The present format which is in the nature of total disclaimer has lowered the confidence in the auditors which already was getting sapped with passage of every year.The accounts loaded with the complicated and incomprehensible accounting standards have lost the real concept of true and fair and now any accounts which mechanically comply with the accounting standards can considered as true and fair.The report should be brief and precise and the present format is like story telling which is so boring that the readers start yawning.The earlier format was brief and precise spelt out the qualifications very well.

  9. Mohammad Saifee says:

    Mr. Santosh , may I know the latest circular u are talking about ?

  10. ASHOK KUMAR says:

    dears sir

    we want to know that there is no change in the COMPANIES ( AUDItor/S REPORT) ORDER 2003, that is applicable for the audit report for the F-Y 2013-14

    we As required by the Companies (Auditor’s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

    2 SECTION 227 (3) OF THE ACT OF C.A 2013, or older company act

    As required by Section 227(3) of the Act, we report that:

    best regards
    ashok kumar
    9818014609

  11. Santhosh says:

    The general circular mentioned is old there is a new circular which needs to be updated in this format…

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