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MCA broadens the Scope of Reporting by Auditors in Audit Report

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MCA vide Notification dated March 24, 2021 broadens the scope of reporting by inserting clause e in Rule 11 which defines ‘Other Matters to be included in the Audit Report’

As per the amendment following Additional Disclosures are also required:

  • Reporting regadvances, arding loans & Investment other than disclosed in notes to accounts.
  • Receiving of funds for further lending or investing other than disclosed in notes to accounts.
  • Comment upon above 2 points whether representation made contains any material misstatement.
  • Dividend declared or paid is in compliance of section 123 of CA, 2013.
  • Comment of use of Accounting Software having Audit Trail & other rules therein.

The above amendment shall come into force with effect from April 01, 2021

Notification

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