Home Highlights April 2017 Year 2017 This

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1. Appointment of auditors - requirements of annual ratification by members with respect to appointment of auditors done away with - Section 139(1) of the Companies Act, 2013

2. Powers and duties of auditors and auditing standards - auditors shall have access to accounts and records associate companies along with subsidiary companies - Section...

3. Clandestine removal - shortages suggested by the statutory auditors - A case of clandestine removal can not be considered to be established based only upon the statutory...

4. Professional Misconduct by CA - Liability of the Engagement Partner (EP) with Audit Firm - The NFRA found that the auditors did not adequately report the non-recognition...

5. Statutory Auditors’ Responsibilities in relation to Fraud in a Company - NAFRA issued certain guidelines.

6. Authority of statutory auditor to function in the company whose relative or partner is holding any security or interest of the company - The auditor directed to...

7. Companies (Auditor's Report) Order, 2016 - Notification

8. Appointment of Cost Auditor by Companies - Circular

9. Audit Committee - to provide for ratification by audit committee of transactions involving amount not exceeding one crore rupees within 3 months of transaction,...

10. Non-Banking Financial Company (NBFC) categorization - Amendment made in sec 43B and 43D to substitute the words, “a deposit taking non-banking financial company or...

11. Constitutional validity of section 140(5) of the Companies Act, 2013 - violation of Article 14 and 21 of the Constitution of India - invocation of the section against...

12. Removal of an auditor prior to expiry of his term - The company may thereafter hold a General Body meeting for removal of petitioner, if the permission to do so is...

13. External Commercial Borrowings (ECB) Policy – Non-Banking Financial Company – Infrastructure Finance Companies (NBFC-IFCs) - Circular

14. Statutory Auditor (Chartered Accountant), Cost Auditor or Secretarial Auditor has to report the fraud in the company in the prescribed manner. - Notification

15. MAT computation - Book profit u/s 115JB - once the accounts of the company have been scrutinized and certified by statutory auditors and approved by the Company in...