2. Corporate Law & Tax Compliances
E-MBA ,DDCE
Unit- 1 INCORPATION OF COMPANY-I
Introduction to Companies act 2013- Important Definitions and Concepts- Formation of company-
Memorandum- articles- Incorporation of Company Government Company- Key Managerial Personnel-
Member- Net Worth- Officer- One Person Company- Private Company- Promoter- Prospectus.
Unit-2 INCORPATION OF COMPANY-II
Public Company-Small Company- Subsidiary Company- Unlimited Company.
Appointment of Directors, Director and Nominee Director- Disqualifications For Appointment- Number of
Directorships- Duties of Directors, Register of Members, Annual General Meetings, Notice of meeting,
Quorum for meetings, Chairman of meetings, Minutes of Meetings
Unit -3 SHARE CAPITAL,AND WINDING UP
Kinds of Share Capital- Voting Rights- Variation of Shareholders. Corporate Social Responsibility,
Circumstances of Winding Up, Legal Aspects of Accounts and Audit
Unit-4 Tax Planning and tax management
Tax evasion-Tax avoidance- Tax Planning- Tax Management- Need for Tax Planning-
Limitations of Tax Planning- Tax Planning for Employees- Tax Planning relating to income from house
property- Tax planning relating to income from business- Tax planning relating to Capital gains –Tax
planning relating to income from other sources.
Unit-5
Introduction to TDS, Introduction to Corporate Returns Introduction of GST and Applications
2CA. Dr. Prithvi Ranjan Parhi
3. Unit-3
E-MBA ,DDCE
Unit -3 SHARE CAPITAL,AND WINDING UP
Kinds of Share Capital-
Voting Rights-
Variation of Shareholders.
Corporate Social Responsibility,
Circumstances of Winding Up,
Legal Aspects of Accounts and Audit
3CA. Dr. Prithvi Ranjan Parhi
4. Chapter- IX
Accounts of Companies
Sec Contents
128 Books of Accounts
129 Financial Statements
132 National Financial Reporting Authority
133 Accounting Standards
134 Financial Statements & Audit Report
136 Members right to Audited financial Statements
137 Copy of financial statement to be filed with Registrar
138 Internal audit
4CA. Dr. Prithvi Ranjan Parhi
5. Books of Account : Sec 128.
• (1) Every company shall prepare and keep at its
registered office 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, including that of its branch office or offices,
if any, and explain the transactions effected both at the
registered office and its branches and
– such books shall be kept on accrual basis and according to
the double entry system of accounting.
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6. Books of Account : Sec 128.
• May be kept at such other place in India as the
Board of Directors may decide and
– where such a decision is taken, the company shall,
within seven days thereof, file with the Registrar a
notice in writing giving the full address of that other
place:
• Provided further that the company may keep
such books of account or other relevant papers in
electronic mode in such manner as may be
prescribed.
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7. Books of Account :Sec 2 (13)
• includes records maintained in respect of—
• (i) all sums of money received and expended by a
company and matters in relation to which the receipts and
expenditure take place;
• (ii) all sales and purchases of goods and services by the
company;
• (iii) the assets and liabilities of the company; and
• (iv) the items of cost as may be prescribed under section
148 in the case of a company which belongs to any class
of companies specified under that section;
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8. Books of Account : Sec 128.
• (2) Where a company has a branch office in India
or outside India, it shall be deemed to have
complied with the provisions of sub-section (1),
– if proper books of account relating to the transactions
effected at the branch office are kept at that office
and
– proper summarized returns periodically are sent by
the branch office to the company at its registered
office or the other place referred to in sub-section (1).
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9. Books of Account : Sec 128.
• (3) The books of account and other books and papers
maintained by the company within India shall be open for
inspection at the registered office of the company or at
such other place in India by any director during business
hours, and in the case of financial information, if any,
maintained outside the country, copies of such financial
information shall be maintained and produced for
inspection by any director subject to such conditions as
may be prescribed:
• Provided that the inspection in respect of any subsidiary
of the company shall be done only by the person
authorised in this behalf by a resolution of the Board of
Directors.
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10. Books of Account : Sec 128.
• (5) The books of account of every company relating
to a period of not less than eight financial years
immediately preceding a financial year, or where the
company had been in existence for a period less
than eight years, in respect of all the preceding years
together with the vouchers relevant to any entry in
such books of account shall be kept in good order:
• Provided that where an investigation has been
ordered in respect of the company under Chapter
XIV, the Central Government may direct that the
books of account may be kept for such longer period
as it may deem fit.
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11. Financial Statement
Sec 2(40), of Companies Act,2013
Financial statement” in relation to a company, includes—
• (i) a balance sheet as at the end of the financial year;
• (ii) a profit and loss account, or in the case of a company carrying
on any activity not for profit, an income and expenditure account
for the financial year;
• (iii) cash flow statement for the financial year;
• (iv) a statement of changes in equity, if applicable; and
• (v) any explanatory note annexed to, or forming part of, any
document referred to in sub-clause (i) to sub-clause (iv):
• Provided that the financial statement, with respect to One Person
Company, small company and dormant company, may not include
the cash flow statement;
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12. IND AS-1
• A complete set of financial statements comprises:
• (a) a balance sheet as at the end of the period ;
• (b) a statement of profit and loss for the period;
• (c) Statement of changes in equity for the period;
• (d) a statement of cash flows for the period;
• (e) notes, comprising significant accounting policies and other
explanatory information;
• (ea) comparative information in respect of the preceding
period as specified in paragraphs 38 and 38A; and
• (f) a balance sheet as at the beginning of the preceding period
when an entity applies an accounting policy retrospectively or
makes a retrospective restatement of items in its financial
statements, or when it reclassifies items in its financial
statements in accordance with paragraphs 40A– 40D.
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18. Companies Act,2013
Section 129 (1)
• 129. (1) The financial statements shall give a true
and fair view of the state of affairs of the company
or companies, comply with the accounting
standards notified under section 133 and shall be in
the form or forms as may be provided for different
class or classes of companies in Schedule III:
• Provided that the items contained in such financial
statements shall be in accordance with the
accounting standards:
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19. 133. Companies Act
• Central Government to prescribe
accounting standards.—
• The Central Government may
prescribe the standards of accounting
or any addendum thereto, as
recommended by the Institute of
Chartered Accountants of India,
constituted under section 3 of the
Chartered Accountants Act, 1949 (38
of 1949), in consultation with and
after examination of the
recommendations made by the
National Financial Reporting
Authority.
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Central
Govt
Examines
Consults
Prescribes
ICAI Recommends
NAFRA Consulted
20. Companies Act,2013
Section 143 (2)
• The auditor shall make a report
• to the members of the company
• on the accounts examined by him and on every financial
statements which are required by or under this Act to be laid
before the company in general meeting and
• the report shall after taking into account the provisions of this
Act, the accounting and auditing standards and matters which
are required to be included in the audit report under the
provisions of this Act or any rules made thereunder or under
any order made under sub-section (11) and
• to the best of his information and knowledge, the said
accounts, financial statements give a true and fair view of the
state of the company’s affairs as at the end of its financial year
and profit or loss and cash flow for the year and such other
matters as may be prescribed.
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21. Financial Statement :Sec 129
• (1) The financial statements shall give a true and
fair view of the state of affairs of the company or
companies, comply with the accounting standards
notified under section133 and shall be in the form
or forms as may be provided for different class or
classes of companies in Schedule III:
• Provided that the items contained in such financial
statements shall be in accordance with the
accounting standards:
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26. National Financial Reporting Authority
• 132. (1) The Central Government may, by notification, constitute a
National Financial Reporting Authority to provide for matters relating to
accounting and auditing standards under this Act.
• (2) Notwithstanding anything contained in any other law for the time
being in force, the National Financial Reporting Authority shall—
(a) make recommendations to the Central Government on the
formulation and laying down of accounting and auditing policies and
standards for adoption by companies .
(b) monitor and enforce the compliance with accounting standards and
auditing standards .
(c) oversee the quality of service of the professions associated with
ensuring compliance with such standards, and suggest measures
required for improvement .
and
(d) perform such other functions
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27. Financial Statement & Auditor’s Report Sec-134.
• (1) The financial statement, including consolidated
financial statement, if any,
• shall be approved by the Board of Directors before they
are signed on behalf of the Board at least by the
– chairperson of the company where he is authorised by the
Board or
– by two directors out of which one shall be managing director
and the Chief Executive Officer, if he is a director in the
company, the Chief Financial Officer and the company
secretary of the company, wherever they are appointed, or
– in the case of a One Person Company, only by one director,
for submission to the auditor for his report thereon.
• (2) The auditors’ report shall be attached to every
financial statement.
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28. Right of Member to Copies of Audited Financial
-Sec 136
• A copy of the financial statements, including
consolidated financial statements, if any, auditor’s
report and every other document required by law
to be annexed or attached to the financial
statements, which are to be laid before a company
in its general meeting, shall be sent to every
member of the company, to every trustee for the
debenture-holder of any debentures issued by the
company, and to all persons other than such
member or trustee, being the person so entitled,
not less than twenty-one days before the date of
the meeting:
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29. 137. Copy of financial statement to be filed with
Registrar
(1) A copy of the financial statements, including
consolidated financial statement, if any, along with
all the documents which are required to be or
attached to such financial statements under this Act,
duly adopted at the annual general meeting of the
company, shall be filed with the Registrar within
thirty days of the date of annual general meeting in
such manner, with such fees or additional fees as
may be prescribed within the time specified under
section 403:
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30. 137. Copy of financial statement to be
filed with Registrar
• (2) Where the annual general meeting of a company
for any year has not been held, the financial
statements along with the documents required to
be attached under sub-section (1), duly signed along
with the statement of facts and reasons for not
holding the annual general meeting shall be filed
with the Registrar within thirty days of the last date
before which the annual general meeting should
have been held and in such manner, with such fees
or additional fees as may be prescribed within the
time specified, under section 403.
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31. 137. Copy of financial statement to be
filed with Registrar
• (3) If a company fails to file the copy of the financial statements
under sub-section (1) or sub-section (2), as the case may be,
before the expiry of the period specified in section 403, the
company shall be punishable with fine of one thousand rupees for
every day during which the failure continues but which shall not
be more than ten lakh rupees, and the managing director and the
Chief Financial Officer of the company, if any, and, in the absence
of the managing director and the Chief Financial Officer, any other
director who is charged by the Board with the responsibility of
complying with the provisions of this section, and, in the absence
of any such director, all the directors of the company, shall be
punishable with imprisonment for a term which may extend to six
months or with fine which shall not be less than one lakh rupees
but which may extend to five lakh rupees, or with both.
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32. 138. Internal Audit
• (1) Such class or classes of companies as may be
prescribed shall be required to appoint an
internal auditor, who shall either be a chartered
accountant or a cost accountant, or such other
professional as may be decided by the Board to
conduct internal audit of the functions and
activities of the company.
• (2) The Central Government may, by rules,
prescribe the manner and the intervals in which
the internal audit shall be conducted and
reported to the Board.
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33. Companies required to appoint
internal auditor.-
• (1) The following class of companies shall be required to appoint an
internal auditor or a firm of internal auditors, namely:-
• (a) every listed company; Always applicable
• (b) every unlisted public company having–
• (i) paid up share capital of fifty crore rupees or more during the
preceding financial year; or
• (ii) turnover(income) of two hundred crore rupees or more during the
preceding financial year; or
• (iii) outstanding loans or borrowings from banks or public financial
institutions exceeding one hundred crore rupees or more at any point of
time during the preceding financial year; or
• (iv) outstanding deposits of twenty five crore rupees or more at any
point of time during the preceding financial year; and
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34. Companies required to appoint
internal auditor
• (c) every private company having–
• (i) turnover of two hundred crore rupees or more
during the preceding financial year; or
• (ii) outstanding loans or borrowings from banks
or public financial institutions exceeding one
hundred crore rupees or more at any point of
time during the preceding financial year:
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36. Chapter- X
Audit & Auditors
Sec Contents
139 Appointment of Auditors
140 Removal, resignation of auditor and giving of special notice.
141 Eligibility, qualifications and disqualifications of auditors.
142 Remuneration of auditors.
143 Powers and duties of auditors and auditing standards.
144 Auditor not to render certain services
145 Auditor to sign audit reports
146 Auditors to attend general meeting
147 Punishment for contravention
148 Central Govt to specify audit of Items of cost in respect of certain
companies
36CA. Dr. Prithvi Ranjan Parhi
37. Company Auditor
• External auditors are independent accounting/
auditing firms that are hired by companies subject to
an audit.
• External auditors express their own opinions on whether
the financial statements of the company in question are
showing a True and Fair view or not.
• For this purpose they collect evidences to ensure that
a. free of material misstatements (these could be due to fraud,
error or otherwise)
b. Accounting standards are followed
c. Prepared in prescribed format, etc
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38. Eligibility, qualifications and disqualifications -
141
• (1) A person shall be eligible for appointment as an auditor
of a company only if he is a chartered accountant:
• Provided that a firm whereof majority of partners practising
in India are qualified for appointment as aforesaid may be
appointed by its firm name to be auditor of a company.
• (2) Where a firm including a limited liability partnership is
appointed as an auditor of a company, only the partners who
are chartered accountants shall be authorised to act and
sign on behalf of the firm.
38CA. Dr. Prithvi Ranjan Parhi
39. Disqualifications-141(3)
• (3) The following persons shall not be eligible for
appointment as an auditor of a company, namely:—
– (a) a body corporate other than a limited liability partnership
registered under the Limited Liability Partnership Act, 2008;
– (b) an officer or employee of the company;
– (c) a person who is a partner, or who is in the employment, of an
officer or employee of the company;
• Contd…
39CA. Dr. Prithvi Ranjan Parhi
Officer /
Employee of the
Co
Partner /
Employee
Can not be the
Auditor
40. Body Corporate
2(11) Body Corporate or Corporation
• includes a company incorporated outside India,
but does not include—
– (i) a co-operative society registered under any law
relating to co-operative societies; and
– (ii) any other body corporate (not being a company as
defined in this Act), which the Central Government
may, by notification, specify in this behalf;
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41. Disqualifications-141(3)
• (d) a person who, or his relative or partner—
– (i) is holding any security of or interest in the company or its
subsidiary, or of its holding or associate company or a
subsidiary of such holding company:
• Provided that the relative may hold security or interest in
the company of face value not exceeding one lakh
rupees or such sum as may be prescribed;
– (ii) is indebted to the company, or its subsidiary, or its
holding or associate company or a subsidiary of such
holding company, in excess of Rs 5 Lakh; or
– (iii) has given a guarantee or provided any security in
connection with the indebtedness of any third person to the
company, or its subsidiary, or its holding or associate
company or a subsidiary of such holding company, in
excess of Rs. One lakh;
Contd….
CA. Dr. Prithvi Ranjan Parhi 41
Holding
Security *
Debt
> 5 Lakh
Guarantee
> 1 Lakh
42. Section 2(77) of the Act:
• ‘Relative” with reference to any person, means
anyone who is related to another, if-
– (i) They are member of Hindu Undivided Family
(HUF);
– (ii) They are husband and wife; or
– (iii) One person is related to the other in such
manner as may be prescribed.
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43. Rule 4 of the Companies
(Specification of Definitions Details)
Rules 2014
• A person shall be deemed to be the relative of another, if he or she is
related to another in the following manner, namely:-
– 1. Father: Provided that the term ‘Father’ includes step-father.
– 2. Mother: Provided that the term ‘Mother’ includes step-mother.
– 3. Son: Provided that the term ‘Son’ includes step-son.
– 4. Son’s wife.
– 5. Daughter.
– 6. Daughter’s Husband
– 7. Brother: Provided that the term ‘Brother’ includes step-brother.
– 8. Sister: Provided that the term ‘Sister’ includes step-sister.
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44. Relatives as per Companies Act, 2013
1. Member of HUF
2. Husband
3. Wife
4. Father
5. Step Father
6. Mother
7. Step Mother
8. Son
9. Step Son
10. Son’s Wife
11. Daughter
12. Daughter’s Husband
13. Brother
14. Step Brother
15. Sister
16. Step Sister
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45. Associate company - Sec 2(6)
• Associate company, in relation to another
company, means a company in which that other
company has a significant influence, but which is
not a subsidiary company of the company having
such influence and includes a joint venture
company.
• Explanation.—For the purposes of this clause,
―significant influence means control of at least
twenty per cent. of total share capital, or of
business decisions under an agreement;
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46. Subsidiary company
• 2(87) “subsidiary company” or “subsidiary”, in relation to any other company
(that is to say the holding company), means a company in which the holding
company—
• (i) controls the composition of the Board of Directors; or
• (ii) exercises or controls more than one-half of the total share capital either at
its own or together with one or more of its subsidiary companies:
• Provided that such class or classes of holding companies as may be prescribed
shall not have layers of subsidiaries beyond such numbers as may be
prescribed.
• Explanation.—For the purposes of this clause,—
• (a) a company shall be deemed to be a subsidiary company of the holding
company even if the control referred to in sub-clause (i) or sub-clause (ii) is of
another subsidiary company of the holding company;
• (b) the composition of a company’s Board of Directors shall be deemed to be
controlled by another company if that other company by exercise of some
power exercisable by it at its discretion can appoint or remove all or a majority
of the directors;
• (c) the expression “company” includes any body corporate;
• (d) “layer” in relation to a holding company means its subsidiary or
subsidiaries; CA. Dr. Prithvi Ranjan Parhi 46
47. Disqualifications-143(3)
• (e) a person or a firm who, whether directly or indirectly,
has business relationship with the company, or its
subsidiary, or its holding or associate company or
subsidiary of such holding company or associate
company of such nature as may be prescribed;
• Business relationship : Transactions entered into for
commercial purposes except;
1. Commercial transactions in the nature of professional
services permitted under the Chartered Accountants
Act,1949.
2. Commercial transactions which are in the ordinary course of
business of the company at arm’s length price.
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48. Disqualifications-143(3)
• (f) a person whose relative is a
director or is in the employment of
the company as a director or key
managerial personnel;
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Person Relative
Director or KMPCan not be the
Auditor
49. Key managerial personnel-Sec 2(51)
• “Key managerial personnel-Sec ”, in relation to a
company, means—
– (i) the Chief Executive Officer or the managing
director or the manager;
– (ii) the company secretary;
– (iii) the whole-time director;
– (iv) the Chief Financial Officer; and
– (v) such other officer as may be prescribed;
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50. Disqualifications-143(3)
• (g) a person who is in full time employment
elsewhere or
• a person or a partner of a firm holding
appointment as its auditor, if such persons or
partner is at the date of such appointment or
reappointment holding appointment as
auditor of more than twenty companies;
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51. Ceiling on Number of Audits
• 20 Companies for every partner who is not in full
time employment elsewhere.
• If a CA is partner in more than 1 firm, together
they will be entitled for 20 companies audit on
his account.
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52. Disqualifications-143(3)
• (h) a person who has been convicted by a
court of an offence involving fraud and a
period of ten years has not elapsed from the
date of such conviction;
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53. Disqualifications-143(3)
• (i) any person whose subsidiary or associate
company or any other form of entity, is
engaged as on the date of appointment in
consulting and specialized services as
provided in section 144.
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54. 144. Auditor not to render certain services.
(a) accounting and book keeping services;
(b) internal audit;
(c) design and implementation of any financial
information system;
(d) actuarial services;
(e) investment advisory services;
(f) investment banking services;
(g) rendering of outsourced financial services;
(h) management services; and
(i) any other kind of services as may be prescribed:
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55. CA. Dr. Prithvi Ranjan Parhi 55
Appointment of Auditor
Sec 139
First Auditor
Subsequent
Auditor
Other than Govt Co
Sec 139(6)
Govt Co
Sec 139(7)
Appointed by BoD
within 30 days from
Dt of Regtn
If failed, by members in EGM
within 90 days
Holds office till the conclusion of first AGM
Appointed by C&AG
within 60 days from
Dt of Regtn
If failed, by BoD
within next 30 days
If failed, by members in EGM
within 60 days
56. CA. Dr. Prithvi Ranjan Parhi 56
Appointment of Auditor
Sec 139
First Auditor
Subsequent
Auditor
Other than Govt Co
Sec139(1)
Govt Co
Sec139(5)
Appointed by members in GM
Holds office till the conclusion
of AGM
Appointed by C&AG
within 180 days from
the commencement of the year
Holds office from 1st AGM to
6th AGM subject to certain
conditions
77. Unmodified opinion
• The opinion expressed by the auditor when the
auditor concludes that the financial statements
are prepared, in all material respects, in
accordance with the applicable financial
reporting framework.
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78. Financial reporting framework
• A financial reporting framework designed to
meet the common financial information needs
of a wide range of users.
• It ensures
1. Fair presentation
2. Compliances
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79. Modified Opinion
• If the auditor:
• (a) concludes that, based on the audit evidence
obtained, the financial statements as a whole are
not free from material misstatement; or
• b) is unable to obtain sufficient appropriate audit
evidence to conclude that the financial statements
as a whole are free from material misstatement,
• the auditor shall modify the opinion in the
auditor’s report in accordance with SA 705.
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80. SA 705: Types of Modified Opinions
• SA 705 establishes three types of modified opinions, namely,
– a qualified opinion,
– an adverse opinion, and
– a disclaimer of opinion.
• The decision regarding which type of modified opinion is
appropriate depends upon:
• (a) The nature of the matter giving rise to the modification,
that is, whether the financial statements are materially
misstated or, in the case of an inability to obtain sufficient
appropriate audit evidence, may be materially misstated; and
• (b) The auditor’s judgment about the pervasiveness of the
effects or possible effects of the matter on the financial
statements.
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81. Determining the Type of Modification to the Auditor’s Opinion
Qualified Opinion
• 7. The auditor shall express a qualified opinion when:
• (a) The auditor, having obtained sufficient appropriate
audit evidence, concludes that misstatements, individually
or in the aggregate, are material, but not pervasive, to the
financial statements;
or
• (b) The auditor is unable to obtain sufficient appropriate
audit evidence on which to base the opinion, but the
auditor concludes that the possible effects on the financial
statements of undetected misstatements, if any, could be
material but not pervasive.
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82. Adverse Opinion
• The auditor shall express an adverse opinion
when the auditor, having obtained sufficient
appropriate audit evidence,
• concludes that misstatements,
• individually or in the aggregate,
• are both material and pervasive to the financial
statements.
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83. Disclaimer of Opinion
• The auditor shall disclaim an opinion when the auditor is unable
to obtain sufficient appropriate audit evidence on which to base
the opinion,
and
• the auditor concludes that the possible effects on the financial
statements of undetected misstatements, if any, could be both
material and pervasive.
• The auditor shall disclaim an opinion when, in extremely rare
circumstances involving multiple uncertainties, the auditor
concludes that, notwithstanding having obtained sufficient
appropriate audit evidence regarding each of the individual
uncertainties, it is not possible to form an opinion on the financial
statements due to the potential interaction of the uncertainties
and their possible cumulative effect on the financial statements.
CA. Dr. Prithvi Ranjan Parhi 83
84. Basis for Modification Paragraph
• When the auditor modifies the opinion on the
financial statements, the auditor shall, in addition
to the specific elements required by the SA 700
(Revised), include a paragraph in the auditor’s
report that provides a description of the matter
giving rise to the modification.
• The auditor shall place this paragraph
immediately before the opinion paragraph in the
auditor’s report and use the heading “Basis for
Qualified Opinion”, “Basis for Adverse Opinion”,
or “Basis for Disclaimer of Opinion”, as
appropriate.
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86. Other Reporting Responsibilities
• If the auditor addresses other reporting
responsibilities in the auditor’s report on the
financial statements that are in addition to the
auditor’s responsibility under the SAs to report
on the financial statements, these other
reporting responsibilities shall be addressed in a
separate section in the auditor’s report that shall
be sub-titled “Report on Other Legal and
Regulatory Requirements,” or otherwise as
appropriate to the content of the section.
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87. Emphasis of Matter paragraph
• A paragraph included in the auditor’s report
that refers to a matter appropriately
presented or disclosed in the financial
statements that, in the auditor’s judgment, is
of such importance that it is fundamental to
users’ understanding of the financial
statements.
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88. Requirements
• Emphasis of Matter Paragraphs in the Auditor’s Report
• If the auditor considers it necessary to draw users’
attention to a matter presented or disclosed in the
financial statements that, in the auditor’s judgment,
is of such importance that it is fundamental to users’
understanding of the financial statements, the
auditor shall include an Emphasis of Matter
paragraph in the auditor’s report provided the
auditor has obtained sufficient appropriate audit
evidence that the matter is not materially misstated
in the financial statements.
• Such a paragraph shall refer only to information
presented or disclosed in the financial statements.
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89. Key Audit Matters (KAM)
• Key audit matters are those matters that, in the
auditor’s professional judgment, were of most
significance in the audit of the financial
statements of the current period.
• Key audit matters are selected from matters
communicated with those charged with
governance.
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90. Other Matter paragraph
• A paragraph included in the auditor’s report
that refers to a matter other than those
presented or disclosed in the financial
statements that, in the auditor’s judgment, is
relevant to users’ understanding of the audit,
the auditor’s responsibilities or the auditor’s
report.
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92. Signature of the Auditor
• The auditor’s report shall be signed. (Ref: Para. A36)
• Date of the Auditor’s Report
• The auditor’s report shall be dated no earlier than the date on which the
auditor has obtained sufficient appropriate audit evidence on which to
base the auditor’s opinion on the financial statements, including
evidence that:
• (a) All the statements that comprise the financial statements, including
the related notes, have been prepared; and
• (b) Those with the recognised authority have asserted that they have
taken responsibility for those financial statements.
• Place of Signature
• The auditor’s report shall name specific location, which is ordinarily the
city where the audit report is signed.
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93. 93
Thank you
CA. Dr. Prithvi Ranjan Parhi
prithvi.baps@gmail.com
Email is the best way to get in touch with me
Office hours : Online and by appointment only
CA. Dr. Prithvi Ranjan Parhi