Corporate Updates 10 Feb 2014


As Section 133 of the Companies Act, 2013 had been notified and is required to be read with Section 227(3) of the Companies Act, 1956, the ICAI has made important Amendments to Auditor’s Report Format including :

1) Manner of reporting,
2) Reference to the Accounting Standards Applicable to the Companies In the Auditor’s Report and Limited Review Reports and various Engagement Standards,
3) Amendment to the “Auditor’s Responsibility” Paragraph Included in the Independent Auditor’s Report,
4) Use of the Term “Profit and Loss Account” or “Statement of Profit and Loss” in the Statutory Audit Reports of Companies, and
5) Manner of Reporting In Respect of Such Clauses of the Companies (Auditor’s Report) Order, 2003 which are not applicable to the Auditee Company.
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