ICAI Guide-FAQ on Audit Report on SBN Disclosures in Financial Statements
Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 (Pursuant to Notification No. G. S.R. 307(E) and Notification No. G.S.R. 308(E) dated 30th March, 2017)
Ministry of Corporate Affairs (MCA) vide notification dated March 30, 2017 has notified the Companies (Audit and Auditors) Amendment Rules, 2017 inserting a new clause (d) in Rule 11 of Companies (Audit and Auditors) Rules, 2014 requiring auditors to report on whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company. Vide another notification issued by MCA on the same date, amendment has also been made to Schedule III to the Companies Act, 2013 to require that every company shall disclose the details of Specified Bank Notes held and transacted during the period from 8 th November, 2016 to 30th December, 2016 in the specified format. Both these amendments are effective from the date of their publication in the Official Gazette i.e. from March 30, 2017.
Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI) has issued an implementation guide on the above subject to provide the guidance to its member chartered accountants on the new reporting obligation cast on statutory auditors of companies.
The FAQ in the said Implementation Guide answers some important questions i.e.; accounting periods covered, effective date of auditors reporting, audit procedures, reporting where Schedule-II not applicable and modifying the audit report.
Frequently Asked Questions
Apart from FAQ, the the implementation guide also gives
Illustrative List of Audit Procedures
Reporting Scenarios
Written Representations
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