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