Announcement
Applicability
of the provisions of Section 143(12) of the Companies Act 2013 and the related
Rules to periods beginning on or before 31st March 2014
Section
143(12) of the Companies Act 2013 requires the auditors of the companies to
report to the Central Government on the frauds committed or being committed
against the company.
The
Council of the Institute of Chartered Accountants of India, at its adjourned
333rd meeting held on 18th June 2014, considered the issue of applicability of
the provisions of sections 143(3)(12) of the Companies Act 2013 and the related
Rules to the audits of the periods beginning on or before 31st March 2014.
The
Council noted that the sections 143(12) had come into force in respect of
financial years beginning on or after 1st April 2014. The Council was of the
view that the provisions of sections 143(12) of the Companies Act 2013 applied
to the auditors appointed under the Companies Act 2013 to audit the financial
statements for the year beginning on or after 1st April 2014. As a corollary,
the requirements of these Sections and related Rules would not apply to audits
of financial statements of the periods beginning on or before 31st March 2014,
even if the audits therefor were actually carried out and auditor’s report
thereon issued on or after 1st April 2014.
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This Announcement has been issued by the President, ICAI under the authority of
the Council of the Institute of Chartered Accountants of India.
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