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Is the auditing profession at a crossroads? – Current Globe News

Is the auditing profession at a crossroads?


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Recent amendments to the Act, audit rules and company order notification (Auditor’s Report), 2020, have significantly increased the auditor’s statutory responsibilities, prescribing additional issues on which the auditor should make a statement in the audit report.

Section 143 (12) – Report fraud:

Section 143 (12), read with Rule 13 of the Audit Rules, provides that if an auditor of a company, in the performance of his audit duties, has reason to believe that the offense of fraud involves or is expected to involve individually an amount exceeding Rs. 1 kuna is committed or has been committed against the company by its employees or employees, the auditor shall inform the central government.

Section 197 (16) – Certification of the management fee paid by the company:

Article 197 (16) of the Law, as inserted empty The 2017 Law on Amendments to Companies provides that the audit report shall state whether the remuneration paid by the company to its directors is in accordance with the provisions of section 197 and whether the remuneration of any director exceeds the limit prescribed in Article 197.

Amendments to the Audit Rules:

On March 24, 2021, the MCA notified the Company Amendment Rules (Amendments and Auditors), 2021, which amended Rule 11 of the Audit Rules, to prescribe additional issues that should be included in the audit report.

Rule 11 (f) of the Audit Rule empty rules on amendments to the audit) provides that the auditor’s report includes the auditor’s views and comments on whether the dividend was declared or paid during the year in accordance with Section 123 of the Act. Further, Rule 11 (g) provides that the auditor’s report includes a statement as to whether the Company, for financial years beginning on or after 1 April 2022, has used such accounting software to keep books of account, which has a traceability feature. for audit and the same is used throughout the year for all transactions recorded in the software, and:

DEAR 2020:

CARO 2020, which is applicable if on April 1, 2021, imposed several new obligations on auditors, which were not contained in the Company Order (Auditor’s Report), 2016. Rule 3 CARO 2020 listed several issues related to compliance with the law, which should be covered by the CARO 2020 report. Issues related to compliance with the law include:

  • Are inter-corporate loans in accordance with Articles 185 and 186 of the Law and is the approval of such loans, insurance, etc. Harmful to the company’s interest, etc..

  • Are related party transactions in accordance with Articles 177 and 188 of the Law.

  • Regarding deposits / presumed deposits, are Articles 73 to 76 of the Law and the RBI Directive complied with?

  • Whether private placement or preferential allotment of securities is in accordance with Articles 42 and 62 of the Act.

  • whether unspent funds for CSR, for the financial year, are transferred to Fund VII or an unspent CSR account, in accordance with Articles 135 (5) and 135 (6) of the Law.

  • Has any fraud been noticed by the company and has a report been submitted in accordance with Article 143 (12) of the Act.

Along with confirming compliance with various provisions of the Act, CARO 2020 also requires auditors to certify issues arising from other laws, such as whether any proceedings have been instituted against the company for maintenance benami assets under the Transaction Prohibition Act (Benami), 1988, and if so, whether the company has adequately disclosed details in its financial statements.

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