Amendment to Auditor’s Report Format Under the Companies Act

ICAI has issued announcement dated 7th February 2014 and made important amendments to Auditor Report. The details of announcement is as below:

• Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956.

• Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement Standards.

• Announcement 3 : Amendment to the “Auditor’s Responsibility” Paragraph Included in the Independent Auditor’s Report.

• Announcement 4 : Use of the Term “Profit and Loss Account” or “Statement of Profit and Loss” in the Statutory Audit Reports of Companies.

• Announcement 5 : Manner of Reporting In Respect of Such Clauses of the Companies (Auditor’s Report) Order, 2003 Which Are Not Applicable to the Auditee Company.

You can refer the detailed ICAI Announcement at http://www.icai.org/new_post.html?post_id=10344&c_id=219.