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CA, CS, CMA : Read the full NCLT judgment/order on Union of India Vs CA. Ramaiah Nataraja. Bengaluru CA barred from statutory auditor role for c...
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We have given below Format of the Independent Auditor’s Report on Standalone Financial Statements under the Companies Act, 2013 As Applicable from Financial Year 2014-15.
Controversial and debated issue of whether board (CBEC) has power to conduct service tax audit of assessee has gone into various folds recently, but now it has got finality. Department has initiated and conducted Service Tax Audit of many assessees.
Now that 30th September is over most of the companies would have convened the AGM for the FY 2013-14. Appointment of auditors is an ordinary business to be convened at the AGM. As per section 139(1) of the Companies Act ‘2013, the company has to inform the auditor of his appointment within 15 days of the meeting in which he is appointed as an auditor.
In the present article we deal with the provisions of the 2013 dealing with the Auditors of the Company. The auditors of a company play a vital role towards the stakeholders of such company. The Auditors are required to audit the books of accounts of the company and report to the shareholders regarding the affairs of the Company which are carried out by the directors of the Company in the fiduciary capacity.
Subject to the maximum tenure of appointment, a retiring auditor can be re-appointed at an annual general meeting [Sec- 139(9)] if— He is not disqualified for re-appointment; He has not given the company a notice in writing of his unwillingness to be re-appointed; and A special resolution has not been passed at that meeting appointing some other auditor or providing expressly that he shall not be re-appointed.
The ICAI had pursuant to the issuance of the Revised SA 700, Forming an Opinion and Reporting on Financial Statements, prescribed a revised format of the auditor’s report on financial statements. As per SA 700 an auditor shall modify the opinion in the audit report when:
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 :-
Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956. Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement Standards. Announcement 3 : Amendment to the “Auditor’s Responsibility” Paragraph Included in the Independent Auditor’s Report. Announcement 4 […]
I. The Council of the Institute of Chartered Accountants of India, at its 329th Adjourned meeting, held on 03rd and 04th January, 2014 at New Delhi noted that the illustrative formats of the independent auditor’s report (in respect of a Company) as given in SA 700, SA 705 and SA 706 contain the references to “Profit and Loss Account” at various places. The term was being used since the Schedule VI to the Companies Act, 1956 also used this term.
The Council of the Institute, at its 329th (Adjourned) meeting held on 03rd and 04th January 2014 at New Delhi noted that reporting by the statutory auditors of the Company on clause (3)(bb) of section 227 of the Companies Act, 1956 is a legal requirement in cases where the company had appointed separate branch auditor/s.
