ICAI Advisory on Auditor’s Reporting on directors remuneration u/s 197(16) of the Companies Act 2013
ICAI has issued an advisory for chartered accountants for Auditor’s Reporting requirement on directors remuneration u/s 197(16) of the Companies Act 2013.
The advisory issued is as under:
Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013
1. Section 197(16) of the Companies Act, 2013 requires as under:
“The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration paid by the company to its directors is in accordance with the provisions of this section, whether remuneration paid to any director is in excess of the limit laid down under this section and give such other details as may be prescribed”
2. The aforesaid reporting requirement for auditors of public companies needs to be covered in auditor’s report under the Section “Report on Other Legal and Regulatory Requirements”. Accordingly, auditors of public companies are advised to comply with the aforesaid reporting requirements in their auditor’s reports.
3 This Advisory will come into force from immediate effect.
| Chairman Auditing and Assurance Standards Board |
Vice-Chairman Auditing and Assurance Standards Board |
- No prosecution u/s 275B when laptops & ERP user IDs /passwords provided to search party
- ICAI cancels/restores membership of thousands of CAs due to death/non payment of fee
- NSDL latest e-TDS TCS RPU Version 4.9 and FVU 8.4 applicable from 24.11.2023 – Download
- Procedures/provisions for amnesty for taxpayers who missed GST appeal filing deadline
- Exemption u/s 54F-Bar of holding more than one residential house applies to whole day of transfer
addition u/s 68 ca misconduct cash deposit in bank cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstn advisory gstr-1 GSTR-3B GST rates gst refund IBBI ibc icai announcement itat mca circular MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 sebi circular sebi regulations transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes
 of the Companies Act 2013){kind=link}