Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment :: cpt :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: empanelment :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARDS
 
 
ICAI »
 ICAI International Study Tour to Geneva, Venice, Budapest & Vienna 2017” - from September 25th to 4th October 2017.
 ICAI e-Books for New Scheme of Education and Training
 ICAI-Convocation - 2017-18
 Invitation for expression of interest from Social Media Networking Service providers/online marketing solution providers for providing social media solution/ online marketing solutions for publicizing the contents/ activities/other works of the Career Counselling Sub-group under BOS, ICAI by 25th August, 2017.
 Educational Material on Ind AS 16, Property, Plant and Equipment
 The Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is extended from 15th August, 2017 to 25th August, 2017.
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2017.
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 December, 2017 - Common Proficiency Test (CPT)
 Result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May 2017 declared.

Information regarding Audited/Unaudited Components - Manner of Disclosure in Principal Auditor's Report.
February, 13th 2014
                                          ANNOUNCEMENT 1
   Manner of Disclosure in the Auditor's Report of the Fact of Inclusion of Unaudited
Financial Statements/ Information of Component/s in the Financial Statements Audited by
                                the Principal Auditor(s)
1.       An independent auditor of the financial statements of an entity may, at times, need to rely upon work of
the other auditors. For example, in an audit of the stand alone financial statements of an entity the independent
auditor thereof (the Principal Auditor) may need to rely upon the financial statements of the entity's component/s
such as branch/es, division/s, etc., which have been audited by other independent auditor/s. Similarly, in an audit
of the consolidated financial statements of a group, the independent auditor thereof (the Principal Auditor), may
need to rely upon the work of the independent auditors of the components of the group such as subsidiary/ies,
joint venture/s, associate/s, etc., whose audited financial statements/ information have been included in the
consolidated financial statements and have been audited by their respective independent auditors (the
Component Auditors).

2.       There may also be a situation where the financial statements of one or more components included in the
stand alone financial statements of an entity/ consolidated financial statements of a group have not been audited
either by the Principal Auditor or the Component Auditor/s.




3.       Members have sought guidance on the appropriate manner of disclosure of information in the
independent auditor's report of the Principal Auditor about the fact that the financial statements/ information
pertaining to certain/ all components, included in the stand alone financial statements of an entity/ consolidated
financial statements of a group are unaudited.
                                                    th
4.       The Council at its 331st meeting held on 10 February, 2014 considered the above matter and decided as
under:

                                                                    Disclosures in the Principal Auditor's Report

Situation 1        Component/s is/ are unaudited and
                   such component/s is/ are not material
                                                                    The principal auditor may or may not
                   to the financial statements of the
                                                                    disclose the fact of such component/s in the
                   entity/     consolidated       financial
                                                                    Principal Auditor's report.     In case the
                   statements of the Group
                                                                    Principal Auditor decided to make such
                                                                    disclosure, the same would be done under
                                                                    the "Other Matters" paragraph, pursuant to
Situation 2        Component/s     is/   are   audited   by
                                                                    SA 706, Emphasis of Matter Paragraphs and
                   auditor/s other than the Principal
                                                                    Other Matter Paragraphs in the Independent
                   Auditor and such component/s is/ are
                                                                    Auditor's Report. An illustrative manner of
                   not material to the financial statements
                                                                    reporting is given in Illustration 2 in the
                   of the entity/ consolidated financial




1
 This announcement has been issued by Auditing and Assurance Standards Board under the authority of the Council
of ICAI. (http://www.icai.org/new_post.html?post_id=662&c_id=38)

                                                                                                     Page 1 of 2
                  statements of the Group                         Appendix to SA 706.



Situation 3       Component/s     is/   are   audited   by        The principal auditor would need to disclose
                  auditor/s other than the Principal              the fact of such component/s in the Principal
                  Auditor and such component/s is/ are            Auditor's report. Such disclosure would be
                  material to the financial statements of         done under the "Other Matters" paragraph,
                  the   entity/   consolidated   financial        pursuant to SA 706, Emphasis of Matter
                  statements of the Group                         Paragraphs and Other Matter Paragraphs in
                                                                  the Independent Auditor's Report.           An
                                                                  illustrative manner of reporting is given in
                                                                  Illustration 2 in the Appendix to SA 706.



Situation 4       Component/s is/ are unaudited and               The Principal Auditor needs to consider its/
                  such component/s is/ are material to            their impact on the auditor's opinion on the
                  the financial statements of the entity/         financial   statements     of   the    entity/
                  consolidated financial statements of            consolidated financial statements of the
                  the Group                                       group, in terms of the principles laid down in
                                                                  SA 705, Modifications to the Opinion in the
                                                                  Independent Auditor's Report.



5.      Further, in case of the auditor's reports of the statutory central auditors, the manner of disclosure
about the audited/ unaudited components as given in the illustrative formats of the auditor's report in the
Guidance Note on Audit of Banks would continue to apply.




                                                                                                    Page 2 of 2

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions