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THE COMPANIES (AUDITOR S REPORT) ORDER 2016

Corporate Laws / Banking / SEBI - By: - Mr.†M. GOVINDARAJAN - Dated:- 4-4-2016 - The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made The Companies (Auditor s Report) Order, 2016 ( Order for short) in supersession of the Companies (Auditor s Report) Order, 2015. Applicability of the Order This order is applicable to every company including the foreign company except the following companies- A banking company; An insurance company; Section 8 company; A One P .....

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ontinuing operations) exceeding ₹ 10 crore during the financial year as per the financial statements. Auditor s Report Section 143 of the Companies Act, 2013 deals with the powers of the Auditors and auditing Standards. Para 2 of the Order provides that every report made by the Auditor under Section 143 of the Companies Act, 2013 on the account of every company audited by him, to which this order applies, for the financial year commencing on or after 01.04.2015, shall in addition, contain .....

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ts have been physically verified at reasonable intervals? whether any material discrepancies were noticed on such verification? whether the discrepancy have been properly dealt with in the books of accounts? whether the title deeds of immovable properties are held in the name of the company? if not, the details of the same are to be furnished; Whether physical verification of inventory has been conducted at reasonable intervals by the management? Whether any material discrepancy was noticed? Whe .....

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egular? If the amount is overdue, state the total amount overdue for more than 90 days; Whether reasonable steps have been taken by the company for recovery of the principal and interest? In respect of loans, investments, guarantees and security whether provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with. If not, provide the details thereof; Deposits accepted In case the company has accepted deposits whether the directives issued by the RBI and the provisions of .....

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d maintained; Statutory dues Whether the company is regular in depositing undisputed statutory dues including EPF,ESI, Income tax, sales tax, service tax, customs duty, excise duty, VAT, cess and any other statutory dues to the appropriate authorities? If not the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than 6 months from the date they became payable shall be indicated; Where dues of income tax or sales or service .....

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for the purposes for which those are raised.If not the details to be reported; Whether any fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the year? If yes, the nature and amount involved is to be indicated; Managerial remuneration Whether managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by Section 197 read with Schedule V of the Act? If not, state the amount involved; Steps ta .....

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