Not disclosure of related party transaction in audit report

This query is : Resolved

GUNJAN KADIA (Querist)
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15 December 2012 Hello,

Please let me know what should i mention in the Audit Report if client does not provide us details of his related parties & transactions with them.

Kindly note that it is required for his to show this transactions as per AS 18.

Guide me regarding presentation of non compliance of AS 18 in Audit Report .

V K Bajaj

V K Bajaj (Expert)
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16 December 2012 Ms Gunjan,

a. Make an adverse remark in Audit Report that information has been denied. or

b. Refuse to sign on Audit Report or

c. Go midway and mention that related party information is attached separately. I mean can be attached later on.

d. Complaint can be made with I Tax and ROC authorities.

Arun Biyani

Arun Biyani (Expert)
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17 December 2012 i guess you should go for a, issue a qualified report. that is enough to suggest that you took utmost care on your part.

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