ICAI advises obtaining CA/Auditor’s report on utilisation of CSR funds if CSR activity is done through third party
Â
ICAI advisory for Chartered Accountants and Companies to whom CSR provisions under Companies Act, 2013 apply
Â
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.
Â
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.
Â
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.
Download draft format of Auditor’s Report Click Here >>
Â
- Effect of reduced timeline for filing TDS Correction statements on TDS Credits
- Accounting principles and provisions of law do not permit addition of opening balance – ITAT
- Penalty for late supply of goods allowable deduction u/s 37 being not a crime or prohibited activity
- Interest received from Cooperative banks allowable deduction u/s 80P to a Cooperative Society
- SC to decide distinction in employees & employer contribution to PF, ESI for allowability u/s 43B
