ICAI advises obtaining CA/Auditor’s report on utilisation of CSR funds if CSR activity is done through third party
ICAI advisory for Chartered Accountants and Companies to whom CSR provisions under Companies Act, 2013 apply
A Company which is required to comply with CSR Regulations u/s 135 of the Companies Act, 2013, may undertake CSR activities, either directly or through a third Party Trust / Society or Section 8 Company / NGO.
ICAI, has advised that where a company undertakes the CSR activity through a third party, it should obtain an Independent Practitioner’s Report on Utilisation of such CSR Funds from the auditor / CA in practice of the third party / NGO, to whom the funds are given by the Company for implementing CSR activity.
The ICAI has also released a draft format of Independent Practitioner’s Report on Utilization of CSR Funds along with reconciliation statement of the amount utilised.
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