Please share the timeline how to appoint new auditor in place of old auditor for audit of accounts for the year 2021-22.
Please confirm applicability & due date for Form CRA-4
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Can any one share changes in the Independent Auditor Report for the FY 2021-2022 for Private limited and small companies ?
report
auditor
independent
Dear Members!
For other GST and /or Tax Audit Reports, whether separate UDIN is required for various annexures ?
reports
audit
generation
udin
Show Cause Notices issued by MCA for non-compliance with the Cost Audit Provisions:
The notices have been served electronically as envisaged in Section 20 of the Companies Act 2013 in section 148.
Sub-section (8) of Section 148 of the Act states "If any default is made in complying with the provisions of this section, (a) the company and every officer of the company who is in default shall be punishable in the manner as provided in sub-section (1) of section 147; (b) the cost auditor of the company who is in default shall be punishable in the manner as provided in sub-sections (2) to (4) of section 147."
Section 147. (1) If any of the provisions of sections 139 to 146 (both inclusive) is contravened, the company shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than ten thousand rupees but which may extend to one lakh rupees, or with both. (2) If an auditor of a company contravenes any of the provisions of section 139, section 143, section 144 or section 145, the auditor shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees:
SCN :
Show Cause Notice under Section 148 (8) of the Companies Act, 2013 (Act) XYZ LIMITED
1.WHEREAS, it has been found from our records that your company falls under the ambit of Cost Audit but has failed to submit the Cost Audit Report for the Financial Year 2014-15 within the statutory time limit prescribed by Sec. 148(6) of the Act and Rule 6 of Companies (Cost Records and Audit) Rules, 2014 (Rules) read with first proviso to Sec. 403(1) of the Act. Accordingly, sub-section (6) of Section 148 of the Act has been contravened.
2. WHEREAS, as per sub-section (8) of Section 148 of the Act, "If any default is made in complying with the provisions of this section, the company and every officer of the company who is in default shall be punishable in the manner as provided in sub-section (1) of section 147; the cost auditor of the company who is in default shall be punishable in the manner as provided in sub-sections (2) to (4) of section 147."
3. Now, therefore the addressees, being the Company and its officers, are hereby called upon to show cause as to why action shall not be taken to initiate prosecution under clause (a) of sub-section (8) of Section 148 read with section 147(1) of the Act for contravention of section 148(6) of the Act read with sub-rule (5) and (6) of Rule 6 of the Rules.
4. Please take notice that if no reply is received or cause shown within 21 days from the date of issue of this notice, necessary prosecution against the company and all its officers who are in default shall be launched in the Court.
5. Your attention is invited to the provisions of Section 441 of the Act for compounding of the said offence.
6. In term of the provision of Section 20 of the Act, the notice is hereby being served on the company and all its officers who are in default at the registered office of the company by electronic mode on the email id provided by the company on MCA Portal.
7. Company is requested to bring this notice in the knowledge of its officers in default, immediately upon its receipt. GST is aligned with the cost audit and only smooth implementation of cost audit provisions and expansion of cost audit regime can help the companies to demand for the due share under GST in the form of reduced rates and the government based on the authentic data can take calls under GST regime with regard to anti-profiteering, valuations etc.
Please share how to Reply ?
compliance
cost
audit
provisions
companies
section
show
cause
notice
Forwarded Query Related to Surrender of COP of an Auditor:
One of the Statutory auditor has surrendered his COP during the year. Now i have following queries:
1. Whether Form ADT-3 will be required to file?
2. Whether this will be treated as a casual vacancy in the office of statutory auditor?
3. Whether New auditor will be appointed in the EGM or simply by passing BR?
Dear Members,
If the auditor Resign from his office , whether same auditor be eligible to be appointed in the next AGM?
appointment
auditor
Forwarded query:
An Auditor has signed the financial statement of the Company A for 2021-22 and presented his report in April 2022.
After the said period in the month of July he has carried out valuation of the said Company A based on Unaudited Financial Statements for June 2022, for the purpose of its merger with Company B. He has presented his report to Company B.
However, there is strong possibility that the process of merger may take long time and until the Company get merged or otherwise, this Auditor will get appointed for further term of 5 years in Company A.
In such case whether the valuation done by the Auditor in this transition period (period between his signing of latest financial statements and his re-appointment), be considered as independent valuation? Whether proposed appointment is prejudicial to the term 'Independent' or not? Whether the Auditor can be considered as 'Independent' during this transition period, wherein his first 5 years have expired and he may be appointed for next 5 years, but yet not appointed?
Kindly help
valuerauditor
independence
Auditor neither signing the balance sheer nor resigning from the company as a statutory auditor then in that case how to remove him and what will be the process under Companies Act 2013 ?
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Please share the Format of Audit Report and Financial Report for the year ended on 31st March, 2022?
As per relevant section of companies act 2013, The cost audit shall be conducted by a [Cost Accountant] who shall be appointed by the Board on such remuneration as may be determined by the members in such manner as may be prescribed. Does it means that cost audit can also be done by Cost Accountant in Employment?
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Dear Members!
Can a cost auditor be removed from his office before the expiry of
his term ?
