MCA:
MCA has amended the Companies (Audit and Auditors) Rules, 2014, which shall come into force with effect from the date of notification in the official gazette. Rule 10A has been inserted through which Statutory Auditors of the Company are required to comment on the internal financial controls and their report from financial year 2015-16 shall mandatory contain the clause of internal financial control systems and its operating effectiveness of the Company. For the financial year 2014-2015, auditor of a company may voluntarily include the above stated statement in their report.
MCA:
MCA has issued clarification with regard to Trust / Trustee as a partner in the Limited Liability Partnerships(LLPs) for the purposes of "Real Estate Investment Trust" (REIT) or "Infrastructure Investment Trust" (lnvlTs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 1992. A trust or trustee representing these trusts is not barred for a trustee, being a body corporate, to hold partnership in an LLP in its name without the addition of the statement that it is a trustee.
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