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« Professional Updates » |
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Open DEMAT Account in 24 hrs | Draft Panel for Appointment/ Re-appointment of Statutory Auditors of State Co-operative Banks (Stccbs) and Central Co-operative Banks (Ccbs) for the Year 2025-26. | Commencement of Live Virtual Classes for the students of CA. Final course appearing in May 2026, September 2026 and January 2027 Examinations. | Information Systems Audit - Assessment Test (ISA - AT), July 2025 | Advanced ICITSS -Adv. Information Technology Test Computer Based Mode (CBT) Schedule May, Jun, Jul, Sep, Oct, and Nov 2025 | Auditing and Assurance Standards Board Online Panel of Experts for addressing Bank Branch Audit related queries | Results of the Chartered Accountants Intermediate and Foundation Examinations held in January 2025 declared. | Invitation for contribution to Question Bank in respect of Self-paced Online Module Examinations (Set-A, B, C & D) | Will deadline for income tax filing change in the new Income Tax Bill? | Result of the Chartered Accountant Final Examinations held in November 2024 is likely to be declared on Thursday, the 26th December 2024 (Late evening) - (20-12-2024) | Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) Adv. Information Technology Test - Computer Based Mode (CBT) Dec 2024 Jan-Feb-Mar 2025 | Re-Scheduling of Chartered Accountants Examination scheduled to be held on 13th November 2024 (Wednesday) at the Examination Centre(s) at Hazaribagh (Jharkhand), Jamshedpur (Jharkhand), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Jhunjhunu (Rajasthan) |
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« Announcement on Applicability of Section 143(12) to... | Committee for Capacity Building of CA Firms and Small &... » |
Announcement on Applicability of the Provisions of Section 143(3)(i) of the Companies Act 2013 and the Related Rules. |
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June, 20th 2014 |
ANNOUNCEMENT1 APPLICABILITY OF THE PROVISIONS OF SECTION 143(3)(i) OF THE COMPANIES ACT 2013 AND THE RELATED RULES
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Section 143(3)(i) of the Companies Act 2013 requires the auditors of the companies to report as whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
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)(i) 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(3)(i) 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(3)(i) 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. These would continue to be done as per the requirements of the Companies Act 1956.
The Council also decided that as a corollary, the provisions of section 143(3)(i) of the Companies Act 2013 would apply to the audits of the financial year beginning on or after 1st April 2014.
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_________________________ 1 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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