Auditors under the Companies Act 2013 have significant duties and powers. Section 143 outlines responsibilities of auditors such as inspecting books/records, seeking information from management, and reporting on compliance with accounting standards. Auditors must report on financial statements, transactions, internal controls, litigation, and qualifications. They must also report fraud over 1 crore rupees to the government. Non-compliance with section 143 duties can result in penalties for auditors.
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
Glen Birnbaum, CPA presents to local Peoria IMEC group on the business valuation process. The target audience was to manufacturing clients. Heinold Banwart, Ltd.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
Glen Birnbaum, CPA presents to local Peoria IMEC group on the business valuation process. The target audience was to manufacturing clients. Heinold Banwart, Ltd.
In case of business, Corporate Governance is a new era. It has potential scope to find it useful though it hasn't actually been evolved from one theory. Many theories from different disciplinary area contributed to develop fundamental of corporate governance.
The basics of what business valuation is and isn't
The different approaches to valuing a business
When a business valuation is necessary
When it's a good idea
The reasons valuations can differ
How a valuation can provide you critical information to make your business stronger and more profitable.
Business valuation fundamentals & the maximization of entity valueAzran Financial APC
In the complex world of business valuation, understanding the valuations process can be of key importance to receiving the highest and best value for your company.
Through a basic understanding of the principles of business valuation (both public and private, closely held) one can learn to navigate the process that touches everything from transactions to taxation.
As we all know, the Companies Act, 2013 has brought about significant changes to the corporate governance landscape in India. One of the key areas where these changes are being felt is in internal audit and control. It is no longer enough for companies to simply tick the boxes when it comes to internal audit and control. They must go beyond that and ensure that their internal audit and control processes are effective and compliant with the Companies Act, 2013.
The Companies Act, 2013 (CA, 2013) has introduced a number of new requirements for companies in relation to income audit and control. These requirements are designed to improve the accuracy and reliability of financial reporting, and to reduce the risk of fraud and error.
One of the key changes introduced by the CA, 2013 is the requirement for companies to have an internal audit function. The internal audit function is responsible for providing independent assurance to the board of directors on the effectiveness of the company's internal controls over financial reporting.
CA NOTES ON COMPNAY ACCOUNTS AND AUDITS
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Audit, accounts, financial statements and board reportRaksha Shree
Sec 128 to sec 138 of companies act 2013 - short notes for ca inter and final audit and law - Preparation and Maintenance of books of accounts of the company. Preparation of financial statements, Board's Report - Contents of Board's report - Inspection of books - Revision of financial statements - Accounting standards and Internal Audit mentioned here
Chapter X - Sec 139 to sec 148 of companies act 2013 - audit and auditors - appointment, qualification, disqualification, powers and duties of auditors explained here - casual vacancy - rotation of auditors
Here, LegalDelight present its new PPT on the topic of Appointment of Statutory Auditor. Under this PPT, a reader would get to know about the What is Appointment of Auditor, Appointment of First Auditor, Appointment of Subsequent Auditor, Term of Auditor, Pre Conditions for Appointment of Auditor, Qualification of Auditor, Disqualification of Auditor, Role of Audit Committee, and Forms to be filed for Appointment of Auditor.
This chapter provides the basics of Electronic Customer Relationship Management and gives a clear idea about the e-CRM. It also gives the knowledge of changing perspective of the e-CRM practices
This chapter covers the basic introduction to Customer Relationship Management. It provides a conceptual foundation to CRM practices and implementation of the CRM
know the Importance and Need of Bank Reconciliation Statement.
Understand the Causes for Disagreement between Cash Book and Pass Book Balances.
Prepare Bank Reconciliation Statement.
Understand the Meaning, Kinds and Advantages of Subsidiary Books.
Know the Purpose, Format, Posting and Balancing of Purchases, Sales, Purchases Return and Sales Return Books.
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
what is the best method to sell pi coins in 2024DOT TECH
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@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
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Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
2. Topics of Discussion
• Brief about Companies Act 2013
• Provisions Relating to Auditors
• Duties & Powers of Auditors- Section 143
• Some Humour
• Conclusion
3. • Companies Act 2013 has bought a lot of
revolutionary changes relating to appointment,
disqualification, many other new terms of
auditor.
• Penalties are something which got a special
status and makes a auditor go bankrupt.
• The 3’S behind CA 2013 to come into
enforcement
• Satyam Computers
• Saradha Scam
• Sahara Scam
Brief About Companies Act 2013
5. Companies
Act, 2013
Section Description
Section 139 Appointment of Auditors
Section 140 Removal, Resignation of auditor and giving of special notice.
Section 141 Eligibility, qualifications and disqualifications of auditors.
Section 142 Remuneration of auditors.
Section 143 Powers and duties of auditors and auditing standards.
Section 144 Auditor not to render certain services.
Section 145 Auditors to sign audit reports, etc.
Section 146 Auditors to attend general meeting.
Section 147 Punishment for contravention.
Section 148 Central Government to specify audit of items of cost in respect
of certain companies. (CostAudit)
Provisions Governing Auditors
6. Sec 139- App of Auditor Rotation of Auditors Cooling Period
Removal & Resignation Qualifications &
Dis-Qualifications
Remuneration
7. Auditing refers
to a systematic examination of
books of accounts, documents and
vouchers
to ascertain how far the financial
statements present a true and fair
view of the concern.
compliance i.e. ensuring that the
books of accounts are properly
maintained by the entity as required
by law.
Audit Overview
8. • Independent accounting / auditing firms
hired by companies subject to an audit as
per Companies Act 2013.
• External auditors express their own
opinions on whether the financial
statements of the company in question
are free of material misstatements
• Experts who possess knowledge in the
field Auditing, Assurance & taxation who
fall within the definition of Chartered
accountants act, 1949.
Who is an Auditor
10. • Auditor has to right to inspect Books of
accounts, Vouchers at all times relating to
company irrespective of the location.
• Seek Information from the officers &
explanation in relevant matters which he
feels so.
Section 143(1)-Duty to Inquire
Areas of Special Focus
1. Loans & Advances
2. Verify any Fictitious Entries
3. Sale of Investments not less
than BookValue.
4. Loans & Advances Shown as
Deposits
5. Personal Expenses charged
to revenue
6. Issue of shares for
Consideration or in Kind
11. • Opinion of the Research Committee of ICAI on
section 143(1) is that auditor r is not required to
report on the matters specified unless he has
any special comments to make on any of the
items referred to therein.
• If he is satisfied as a result of the inquiries,
there is no duty to report.
Reporting Requirement
12. The auditor should report to the company
• on the accounts examined by him and
• in respect of the financial statement that
are required to be laid before the company
in general meeting.
• Report whether the company has complied
with the accounting standards, auditing
standards which depict true & fair view of
status of affairs of the company through
its financial statements.
Section 143(2)-Duty to Report
13. The auditor should report to the
company on following Matters:-
1. Reporting the impact on
financial statement relating to the
information/explanations not
provided by the management.
2.Evidence to believe proper
books of accounts maintained in
Branch as per the branch auditor’s
report.
3.Tallying of Profit & Loss
Account, Balance Sheet to the
Books of accounts maintained by
the company.
Section 143(3)-Contents of Auditors
Report
14. 5. Observations and comments of the
auditor on the financial transactions
or matters which have adverse
effect on the company
6. Report whether any director is dis-
qualified from being appointed as
the director under section 164(2).
7. Whether Adequate Internal Finance
Controls have placed & operating
effectiveness of such controls.
8. Disclosing the impact of any
pending litigation, if any in the
financial statement.
9. Delay in transferring the amount to
the Investor Education and
Protection Fund (IEPF) by the
company.
Continued…..
15. • Any areas which the auditor feels that has
an inadequacy or negative information, he
should disclose the same in his report
stating the reasons of such reservation &
negative report.
Section 143(4)- Qualified Report by
Auditor
Section 143(5)- Government Company
Auditor
• Govt Company auditors shall be appointed
by CAG who may direct the auditor the
manner in which the auditor may be
conducted.
• Report the impact on financial statements in
account of directions followed by the
auditors as the per CAG.
16. • On Receipt of Audit Report from the
auditor-
• CAG may comment upon the audit
report (or) conduct a supplementary
audit by authorizing persons on their
behalf within 60 days of receipt of Audit
report, if it so feels.
• However the report of such
supplementary audit has to shared to all
persons to whomsoever the audited
financials have been shared.
• Such copy should also been placed in the
AGM.
Section 143(6)- CAG Supplementary Audit
17. • In case of Government Companies, CAG
shall appoint the auditor within 6 months
from commencement of FY who holds
office till Conclusion of AGM.
• In case of such appointed auditors. CAG
may conduct the test audit.
• Such test report will attract provisions of
Section 19A of CAG Act, 1971.
Section 143(7)- CAG Test Audit
18. Company has Branch in India
1. Audited shall be performed
by Company Auditor
2. Any other qualified Person
u/s 139 of act.
Section 143(8)- Branch Audit
Company has Branch outside
India
1. Auditedshallbeperformedan
Accountant.
2. Any other person
qualified who is qualified
to perform such audit
Such branch auditor should
prepare a report on the books of
accounts of the branch audited by
him & send a copy of such audit
report to the company auditor.
19. Section 143(9)- Compliance of AS
• Compliance of Standards on Auditing
(SA) has been made Mandatory.
• Any deviation should be explained
with reasons as to why auditor opted
should be made clear.
• Reference to Guidance notes & other
materials released by ICAI from time
to time and seek help from the fellow
members of ICAI on certain aspects
where he is unable to form a opinion.
20. Section 143(10)- National Financial Reporting
Authority
• Central Government may prescribe the SA
recommended by ICAI in consultation with & after
examination of the recommendations made by the
NFRA.
• NFRA is regulatory authority for auditing,
accounting and financial reporting, to advice on
matters related to Auditing Standards in addition
to Accounting Standards and also to act as a
regulatory body for accountancy profession
• Until such standards are notified, the standards
which are issued by the ICAI Shall be deemed to be
the auditing standards for the purpose of audit.
21. • The Central Government may in
consultation with the NFRA direct that the
audit report in case of specific class of
companies shall include a statement on
such matters as may be specified therein.
Section 143(11)- Reporting in Auditor’s Report
23. • Auditor has reason to believe
• that an offence involving fraud is being
or has been committed
• against the company by an officer or the
employee of the company
• Reporting the matter immediately to
the central government if such fraud
amounts to Rs. 1 Crore or above.
• The auditor should first intimate the
board of directors or the audit committee
immediately within 2 days of knowing
about the fraud seeking their reply/
observations within 45 days.
Section 143(12)-Reporting on Fraud
24. • On receipt on such reply or observations
of the board or the audit committee,
• Forwards the report along with the reply
or observations of the board or the audit
committee and
• Auditor’s comments on such reply or
observations to the central government
within 15 days.
• In case, no reply received,
• Send the audit report along with a note
containing the details of his report that
was earlier forwarded to the board or
the committee for which he has failed to
receive any comments or observations.
Continued….
25. • However, auditor will not considered
as guilty of professional misconduct if
he does his duty In good faith.
• However, the duty of confidentiality
will not be effected in case auditor
reports such matters to central govt
in good faith as per second schedule
of the Chartered Accountants Act,
1949.
Section 143(13)- Reporting in Good Faith
26. The provisions of Section 143 shall be
equally applicable to-
• Company Secretary in practice
conducting secretarial audit u/ 204
(or)
• Cost Accountant performing cost
audit u/s 148.
• Section 148 governing Cost Audit
mentions about the same.
Section 143(14)- Applicability to CS & CMA
27. Any Non-Compliance with any provisions
of the Section 143-
• Chartered accountant, company
secretary or the cost auditor
• Shall be punishable with a fine which
shall not be less than Rs. 1 lakh but
which can be extend to Rs. 25 lakhs.
Section 143(15)- Penalties for Non-Compliance
Editor's Notes
Gone are the days where an auditor used to react and report post the fraud happens and qualify his report. Now, An auditor is ‘watch dog’ not a ‘blood hound’. Like a dog should bark and chase when something found wrong. Same like that duty of auditor is to verification and detection, but he must go deep if suspicion arises.
It is not that Penalties imposed in CA 2013 are something new, but the way they are imposed is something which auditor, officer in charge have to be careful about.
Let me try to cover major sections which cover the significant changes.
Appointment of Auditor for a min period of 5 yrs i.e till 6th AGM.
Applicability of Rotation for specified list of companies like Listed, unlisted companies Paid up cap of 10cr, Pvt Ltd with Paip up Cap 20 Cr. Ind-5 yrs, Firm-10 yrs.
Cooling period of 5 yrs for each.
ADT-2 to be filed for removal & resignation.
Holding of Security of FV 1000 to FV 1 lacs for dis-qualification.
Board shall finalized the remuneration payable to auditor after consulting Audit Committee.
Sec 143 of the companies act, 2013 speaks about the powers and duties of the auditors which were earlier mentioned in the Sec 227,228 of the companies act 1956.
There are about 15 clauses under section 143.
From FY 2015-16, Auditor’s report shall also state about existence of Adequate Internal Finance Controls system & its operating effectiveness as required by rule 10A of Companies (audit & Auditors Amendment Rules) 2014.
In case has company Branch audit, who has a Branch in India,
In case has company Branch audit, who has a Branch in India,
Concept of NFRA is not a new thing. Earlier NACAS was replaced with NFRA with an Additional power of Regulatory + Advisory Body. Section 132 mainly speaks about NFRA which is not notified till date.
Only frauds against company by officers/employees to be reported Frauds committed by the Auditor.
Frauds committed by outsiders agsinst company will be reported as part of CARO 2016 new provision.