Company Law : Understand the appointment process, tenure, and reporting obligations for auditors under the Companies Act, 2013. Key rules, forms...
CA, CS, CMA : एनएफआरए ने बीएसआर एंड कंपनी और लोधा एंड कंपनी के आ...
CA, CS, CMA : Discover the distinctions between due diligence and statutory audit. Learn their essence, components, and how they impact decision...
CA, CS, CMA : Discover essential steps for an effective bank branch statutory audit, from initial preparation to finalization of reports. Explor...
CA, CS, CMA : Unlock your auditing potential with our practical guide for first-time statutory branch auditors in the banking sector, covering R...
Company Law : NFRA inspection of PwC firms (PWCA & PW& Co CA) reveals deficiencies in related party transaction verification and documentation, ...
Company Law : Summary of NFRA's audit quality inspection of Lodha & Co., highlighting key deficiencies in audit documentation, independence poli...
Company Law : NFRA's 2023 inspection of M/s BSR & Co. LLP highlighted improvements in audit practices, independence policies, and documentation ...
Company Law : NFRA's 2023 inspection of MSKA & Associates highlights audit deficiencies, governance issues, and non-compliance with standards. D...
CA, CS, CMA : ICAI Audit Quality Maturity Model v2.0 is mandatory for firms auditing listed entities, banks, and insurance companies. It assesse...
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...
Income Tax : Read the full text of Madras High Court's judgment on condoning the delay in income tax return filing by Kalvadangam Primary Agric...
Company Law : Challenge to constitutional validity of section 140(5) of Companies Act, 2013 fails and it is observed and held that section 140(5...
Company Law : The company has stated in its application that the auditor was not able to conduct the audit in timely manner also the auditor was...
Company Law : Various acts of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors ...
Company Law : NFRA imposes Rs. 5 lakh penalty and 5-year debarment on CA Neeraj Bansal for professional misconduct during Religare Finvest Ltd's...
Company Law : The National Financial Reporting Authority imposes penalties on Deloitte and auditors for misconduct in the ZEEL audit, resulting ...
Company Law : CA Chirag Doshi faces a ₹5 lakh penalty for professional misconduct in the statutory audit of Ushdev International Limited for F...
Income Tax : NFRA imposes penalties on Venkatesh & Co. and debarment of partners for negligence during the audit of Coffee Day Enterprises Ltd,...
Company Law : NFRA reiterates that auditors shall understand their responsibility under CA 2013 and SA 600 with their concomitant responsibiliti...
Recently, the news of abolition of Statutory Audit for small companies spread like a wildfire and social media have emerged as a comforting shoulder for the Chartered accountants, who are mostly dependent on the small company audits. There was no official version of the said story but it was not an unexpected one as across […]
The Audit Firm’s reporting in the “Basis of opinion” section of Independent Auditors Report is false and misleading. he Audit Firm did not obtain sufficient appropriate audit evidence to understand the impact that the insolvency petition against JIL had on the Company (JAL).
Members may kindly note that the Revised MEF Form for the year 2021-22 is expected to be made live (at meficai.org) in the month of October 2021.
REMOVAL OF AUDITOR BEFORE THEIR TERM:- Provisions Under Companies Act, 2013– Pursuant to the Provision of Section 140(1) of the Companies Act, 2013 read with Rule 7(1) of Companies (Audit and Auditors) Rules, 2014 The auditor appointed under section 139 may be removed from his office before the expiry of his term only by a […]
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 audited […]
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)
As per Para 6.4, whether the time gap of one year between any non-audit works by the SCAs/SAs for the Entities or any audit/non-audit works for its Group Entities has to be ensured for all the Entities in the Group or the RBI Regulated Entities in the Group?
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. […]
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.
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 […]
