Need audit report format for financial year 2017-18
This query is : Resolved
02 August 2018
Dear Professional,
Please share the audit report format for financial year 2017-18
Please share the audit report format for financial year 2017-18
02 August 2018
Presume report sought is under Co's Act,2013, being CS student. If so ,Pl see as under.
INDEPENDENT AUDITOR’S REPORT
To
THE MEMBERS
…………………………. PRIVATE LIMITED
…………………………
………………………...P.O
COCHIN-682015.
Report on the Financial Statements
We have audited the accompanying financial statements of ……………………………… PRIVATE LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters in section 134(5) of the Companies Act,2013 (“ the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules,2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design; implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant tot the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances . An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting estimates made Company’s Directors,, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2018; and
(b) in the case of the statement of Profit and Loss , of the loss for the year ended on that date .
Report on Other Legal and Regulatory Requirements
1. As per the exceptions referred to in clause 2(v) of the Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, statement on the matters specified in paragraphs 3 of the said order are not applicable to the company.
2. As required by section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books ;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account ;
d. in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.
e. on the basis of written representations received from the directors as on March 31, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164(2) of the Act.
f. the company has an adequate internal financial controls system in place and such controls are operating effectively.
g. with respect to other matters to be included in the Auditor’s report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the company has no pending litigations so as to disclose its impact on the financial position in the financial statements.
ii. the company did not have any long term contracts including derivative contracts for which there were material foreseeable losses.
iii. there were no amounts which were required to be transferred to Investor Education Protection Fund by the company.
For ………………………….. & ASSOCIATES
Chartered Accountants
FRN: ……………
COCHIN-682016 CA……………………………… , FCA
25-04-2018 Partner
M. No. ………….
INDEPENDENT AUDITOR’S REPORT
To
THE MEMBERS
…………………………. PRIVATE LIMITED
…………………………
………………………...P.O
COCHIN-682015.
Report on the Financial Statements
We have audited the accompanying financial statements of ……………………………… PRIVATE LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters in section 134(5) of the Companies Act,2013 (“ the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules,2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design; implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant tot the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances . An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting estimates made Company’s Directors,, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2018; and
(b) in the case of the statement of Profit and Loss , of the loss for the year ended on that date .
Report on Other Legal and Regulatory Requirements
1. As per the exceptions referred to in clause 2(v) of the Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, statement on the matters specified in paragraphs 3 of the said order are not applicable to the company.
2. As required by section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books ;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account ;
d. in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.
e. on the basis of written representations received from the directors as on March 31, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164(2) of the Act.
f. the company has an adequate internal financial controls system in place and such controls are operating effectively.
g. with respect to other matters to be included in the Auditor’s report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the company has no pending litigations so as to disclose its impact on the financial position in the financial statements.
ii. the company did not have any long term contracts including derivative contracts for which there were material foreseeable losses.
iii. there were no amounts which were required to be transferred to Investor Education Protection Fund by the company.
For ………………………….. & ASSOCIATES
Chartered Accountants
FRN: ……………
COCHIN-682016 CA……………………………… , FCA
25-04-2018 Partner
M. No. ………….
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