Reporting on Demonetization in Statutory Audit Report

    Posted By : Devashish / Published on : 10-Sep-2017 12:35 AM / View : 362 / Comment : 1
    Print button
    Please provide me the updated Audit Report and Financial Statement Format to comply with Reporting on Demonetization for the year ended 31/03/2017
    Read more on : report audit statutory demonetization reporting

    • Regarding disclosure requirement and reporting requirement in the Auditor’s Report that the company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016.

      We would like to inform you that the Ministry of Corporate Affairs has issued a Notification regarding amendment in Schedule III to the Companies Act 2013, wherein it has been mentioned that every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016. The Notification may be accessed at the link: AmendmentinScheduleIII_Notification31032017.pdf 

      Further, the Ministry of Corporate Affairs has amended the Rules pertaining to Chapter X of the Companies Act, 2013, wherein it has been provided that the auditor of a company is required to disclose in the Auditor's Report "whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company." The Amendment Notification may be accessed at the link: ScannedCompaniesAuditandAuditorsRules_31032017.pdf 

      14-09-2017 / 11:13:34 AM
      Reply



Other Queries from Devashish
What's New on
Latest Queries
Like us on Facebook
Follow Us on Twitter
Latest ArticlesSubmit Article

We are always here to help you. Don’t hesitate to contact us anytime!

011-42345111 or ask@compliancecalendar.in