Statutory Audit

Format of Statutory Auditors Report of Companies For FY 2020-21

Company Law - For FY 2020-21 there are no changes in auditors report format of companies, same format of FY 2019-20 will be followed. SAMPLE FORMAT OF Statutory AUDITORS REPORT FOR FY 2020-21 XYZ & CO. CHARTERED ACCOUNTANTS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ABC CO. PRIVATE LIMITED Report on the Financial Statements Opinion We have au...

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Appointment of Auditors in Government Companies as per Companies Act, 2013

Company Law - All the Companies registered under the Companies Act, 2013 including Government Companies are required to maintain books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the Company and get the book of accounts audited. […]...

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Let’s Become a Statutory Auditor: Stat Audit Checklist

Company Law - So, we are again at the close of the financial year 2020-21 and across our responsibility as an auditor of expressing our opinion on true and fair view of the financial statements. As a statutory auditor we are expected to check the compliances with respect to Companies Act,2013....

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Audit and Auditors Under Companies Act, 2013- Relevant Sections

Company Law - CHAPTER – X: AUDIT AND AUDITORS Section – 139: Appointment of Auditors 139(1) Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its 6th annual general meeting and thereafter till the conclusion [&h...

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Checklist for ROC compliances during statutory audit for unlisted companies

Company Law - In India, the term “statutory auditor” refers to an external auditor whose appointment is mandated by law. A “statutory audit” is a legally required review of the accuracy of a company’s or government’s financial records. The purpose of a statutory audit is the same as the purpose of any other audit ...

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Expert panel formed to address statutory bank branch audits queries

Company Law - The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a times, face a lot of issues/ queries while condu...

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Appointment of DHS as statutory auditor of IFIN for year 2017-18 was illegal: NFRA

Company Law - The appointment of DHS as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since DHS was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

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Appointment of BSR as statutory auditor of IFIN for 2017-18 was illegal: NFRA

Company Law - The appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since BSR was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

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Empanelment for Statutory Audit of various units of ICAI

Company Law - Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/SA/2020-21 Dated 29/03/2020] ICAI invites applications from eligible Chartered Accountant firms for appointment as Statutory Auditor for i...

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MCA proposes amendments to enhance Audit Independence & Accountability

Company Law - The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management....

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NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

Deloitte Haskins & Sells LLP. Vs Union of India (NCLAT) - Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors of the economy and the red signals were raised against the IL&FS by the country and even by the department of economic affairs of the country, therefore, before passing a...

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Statutory audit delay is reasonable cause for delayed submission of tax audit Report

M/s. Giral Lignite Power Ltd. Vs ACIT (ITAT Jaipur) - Where there is a delay in completion of statutory audit, there exist a reasonable cause for the delay in completion of tax audit and issuance of tax audit report. ...

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ICAI Disciplinary Committee decision in breach of natural justice is invalid

Partha Ghosh vs. ICAI (Bombay High Court) - In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged professional and other misconduct in conducting the statutory audit of Global Trust Bank. The proceedings were based on the findings in the Special Audit report and the Annual Finan...

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RBI issues Guidelines for Appointment of Statutory Auditors

Press Release: 2021-2022/115 / Notification No. RBI/2021-22/25 Ref. No. DoS. CO. ARG/SEC.01/08.91 .001/2021-22 - (27/04/2021) - Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs Reserve Bank of Indiaand NBFCs (including Housing Finance Companies)...

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Companies (Audit and Auditors) Amendment Rules, 2021

G.S.R. 206(E) - (24/03/2021) - MCA has vide its Notification Dated 24th March 2021 notified Companies (Audit and Auditors) Amendment Rules, 2021  and omitted clause (d) of Rule 11 of Companies (Audit and Auditors) Rules, 2014 and added clause (e), (f) and (g). The analysis of pre and post amendment of other matters to be include...

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NFRA imposes Rs 15 lakh fine, 5-year ban on a Deloitte partner in IL&FS Case

NFRA Order No. NF-20012/1/2020 - (28/07/2020) - Order Under Section 132(4) of the Companies Act in respect of the Show Cause Notice issued to CA Shrenik Baid (Membership No 103884) Extract from the order D. PENALTY 199. As discussed in detail in the above paras, the charges framed against CA Shrenik Baid in the SCN have been held to have been pro...

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RBI ban S. R. Batliboi from carrying out statutory audit of Banks for one Year

Press Release: 2018-2019/2848 - (03/06/2019) - On account of the lapses identified in a statutory audit assignment carried out by M/s S.R. Batliboi & Co. LLP, Chartered Accountants , it has been decided that RBI will not approve the said firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1,...

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RBI Enforcement action framework in respect of statutory auditors of banks

Press Release: 2017-2018/3425 - (29/06/2018) - In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs ...

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Recent Posts in "Statutory Audit"

Format of Statutory Auditors Report of Companies For FY 2020-21

For FY 2020-21 there are no changes in auditors report format of companies, same format of FY 2019-20 will be followed. SAMPLE FORMAT OF Statutory AUDITORS REPORT FOR FY 2020-21 XYZ & CO. CHARTERED ACCOUNTANTS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ABC CO. PRIVATE LIMITED Report on the Financial Statements Opinion We have au...

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Posted Under: Company Law |

RBI issues Guidelines for Appointment of Statutory Auditors

Press Release: 2021-2022/115 / Notification No. RBI/2021-22/25 Ref. No. DoS. CO. ARG/SEC.01/08.91 .001/2021-22 27/04/2021

Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs Reserve Bank of Indiaand NBFCs (including Housing Finance Companies)...

Read More

Appointment of Auditors in Government Companies as per Companies Act, 2013

All the Companies registered under the Companies Act, 2013 including Government Companies are required to maintain books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the Company and get the book of accounts audited. […]...

Read More
Posted Under: Company Law |

Expert panel formed to address statutory bank branch audits queries

The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a times, face a lot of issues/ queries while condu...

Read More
Posted Under: Company Law |

Let’s Become a Statutory Auditor: Stat Audit Checklist

So, we are again at the close of the financial year 2020-21 and across our responsibility as an auditor of expressing our opinion on true and fair view of the financial statements. As a statutory auditor we are expected to check the compliances with respect to Companies Act,2013....

Read More
Posted Under: Company Law |

Companies (Audit and Auditors) Amendment Rules, 2021

G.S.R. 206(E) 24/03/2021

MCA has vide its Notification Dated 24th March 2021 notified Companies (Audit and Auditors) Amendment Rules, 2021  and omitted clause (d) of Rule 11 of Companies (Audit and Auditors) Rules, 2014 and added clause (e), (f) and (g). The analysis of pre and post amendment of other matters to be included in the Auditor’s Report […]...

Read More

Audit and Auditors Under Companies Act, 2013- Relevant Sections

CHAPTER – X: AUDIT AND AUDITORS Section – 139: Appointment of Auditors 139(1) Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its 6th annual general meeting and thereafter till the conclusion [&h...

Read More
Posted Under: Company Law |

Appointment of DHS as statutory auditor of IFIN for year 2017-18 was illegal: NFRA

The appointment of DHS as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since DHS was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

Read More
Posted Under: Company Law |

Checklist for ROC compliances during statutory audit for unlisted companies

In India, the term “statutory auditor” refers to an external auditor whose appointment is mandated by law. A “statutory audit” is a legally required review of the accuracy of a company’s or government’s financial records. The purpose of a statutory audit is the same as the purpose of any other audit ...

Read More
Posted Under: Company Law |

Important Taxation amendments w.r.t. Tax Audit/Company Audit for FY 2019-20

Here’s a list of a few Important Taxation amendments w.r.t. Tax Audit/Company Audit for FY 2019-20: 1. The threshold limit of Rs 1 crore for applicability of Tax audit u/s 44AB(a) is increased to Rs 5 crore if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover and the cash […]...

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Posted Under: Company Law |

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