Thursday, November 6, 2014

Reporting on Internal Financial Control deferred for one year

Reporting on Internal Financial Control u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., up to 31.03.2015 vide amendment  made by  Ministry of Corporate Affairs in  Rules Chapter 10 (Audit and Auditors) of the Companies Act, 2013.
The auditor may voluntarily report on Internal Financial Control for the year from 01.04.2014 to 31.03.2015.The auditor shall report on the existence of adequate internal financial control and its operational effectiveness for the financial years on or after 01.04.2015.