companies Act _ Auditor rules Modified

Summary

·         Section 143 ( 3 ) ( h ) ( i ) of the new Companies Act 2013  require the auditor to report in its report “whether the company has adequate internal financial control system in place and the operating effectiveness of such control”

·         As per the new rule modified on 14th october 2014  the reporting will now  be mandatory  from the  financial year starting from 1. 4 . 15 and optional for the Financial year starting after 1.4 . 14 and before 31^st March 2015