The Ministry of Corporate Affairs has issued a notification w.r.t amendment in Companies (Audit and Auditors) Rules, 2014 and the amendment can be explained as follows:
In Companies (Audit and Auditors) Rules, 2014 after Rule 10 which contains the provisions w.r.t the Disqualification of Auditors, Rule 10A shall be inserted which says that for the purposes of clause (i) sub-section 3 of section 143 which contains the provisions w.r.t Powers and Duties of the Auditors and Auditing Standards for the financial year commencing after 1st April, 2015 , the report of the auditor shall contain the remark on existence of internal financial controls and its operating effectiveness.
Provided also that the auditor of the Company can also voluntarily comment upon this statement on or after 1st April, 2014 but before 31st March, 2015.
The Notification of the above amended rules can also be accessed at the link below.
Companies (Audit and Auditors) Amendment Rules, 2014
