To conduct an audit under the Companies Act, 2013, the first auditor must be appointed by the BODs within 30 days from the company’s date of incorporation
Here, an auditor means a- A firm of chartered accountants, who are qualified to be the company’s auditor and who have given his approval to be appointed as auditor of the company
The companies act, 2013 has come into existence on 29
,082013 that replaces a nearly six decade-old legislation and overhauls the way corporate function and are regulated in the country
This article contains the description of some provisions related to audit and auditors which have been modified in companies Act, 2013
,1)Section 143 of the Companies Act,2013 entails provisions regarding powers and duties of auditors
The statutory auditor shall present a report to the company’s shareholders on the Books of accounts and financial documents examined by him
Ans: An auditor expresses a qualified opinion when he considers that the misstatements in the financial statements are both material and significan...
Answer: The necessary qualifications of an Auditor are as follows:A person can be appointed as an auditor only if he has a college degree in the fi...
Ans: The auditor should cover the following matters in his annual report auditors report on the company’s financial statements:Fixed assetsInventor...
,×Audit under Companies Act, 2013 is a process of examining the financial statements and records of a company. The Act requires that companies appoint an auditor and follow the procedure of the appointment. The auditor has various duties and responsibilities, such as verifying the accuracy and fairness of the financial statements, reporting any fraud or misstatement, and expressing an opinion on the financial position of the company. The Act also regulates the payment of dividends, which are the share of profits distributed to the shareholders.,Asrequired for Audit under Companies Act, 2013, every company shall prepare afinancial statement ending 31st March every year. Suc…The Companies (Amendment) Act
Was granted the assent of the President on May 25
2015But was published in the Official Gazette on May 26
2015.This Amendment aims to swiftly bridge some of the most pressing concerns of stakeholders such as :
The need to align business exigencies with certain actions deemed punishable with criminal law under the original Act of 1956 but not yet amended in the new Companies Act of 2013.
United Kingdom legislation
The Companies Act 2004 is an Act of the Parliament of the United Kingdom.
British statute
The Companies Act 2006 is an Act of the Parliament of the United Kingdom which forms the primary source of UK company law.
United Kingdom's registrar of companies
Companies House is the executive agency of the British Government that maintains the register of companies
Employs the company registrars and is responsible for incorporating all forms of companies in the United Kingdom.
Indian worker law
Mahatma Gandhi National Rural Employment Guarantee Act 2005 or MGNREGA
Earlier known as the National Rural Employment Guarantee Act or NREGA
Is an Indian social welfare measure that aims to guarantee the 'right to work'.This act was passed on 23 August 2005 and was implemented in February 2006 under the UPA government of Prime Minister Manmohan Singh following tabling of the bill in parliament by the Minister for Rural Development Raghuvansh Prasad Singh.
2002 U.S. law regarding corporate accounting
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.The act
Also known as the Public Company Accounting Reform and Investor Protection Act and Corporate and Auditing Accountability
ResponsibilityAnd Transparency Act and more commonly called Sarbanes–Oxley
SOX or Sarbox
Contains eleven sections that place requirements on all U.S. public company boards of directors and management and public accounting firms.A number of provisions of the Act also apply to privately held companies
Such as :The willful destruction of evidence to impede a federal investigation.
