19 November 2007
THE AUDITOR UNDER THE COMPANY LAW IS A WATCH DOG REPORTING TO OWNERS ie shareholders. THE NEW CARO 2003 REQUIRES HIM TO REPORT ON VARIOUS MATTERS OF INTEREST AND CONTROL OF SHAREHOLDERS.EVEN THE TAX AUDIT REPORT NEEDS HIM TO REPORT ON SEVERAL MATERIAL FACTS.HE NEEDS TO COMMENT ON INTERNAL CONTROLS UNDER WHICH COMES CONDUCT OF BOARD MEETINGS. WHATEVER IS AFFECTING THE TRUE AND FAIR VIEW OF STATE OF AFFAIRS OF THE COMPANY AND IN PARTICULR OF THE PROFIT AND LOSS AND B/S OR ASSETS AND LIABILITIES NEED TO BE REPORTED. IN THE LATEST CORPORATE GOVERNANCE REPORT CERTICICATE( FOR LISTED COMPANIES) REQUIRED TO BE SIGNED BY THE AUDITOR AND ATTACHED TO CORP. GOVRNANCE REPORT OF THE DIRECOTRS WHICH CASTS LOT OF RESPONSIBILITY ON HIM .HE NEEDS TO COMMENT THAT CLAUSE 49 OF LISTING AGREEMENT IS COMPLIED, ONE OF THE SUB CLAUSES OF CLAUSE 49 RELATES TO CONDUCT OF NUMBER OF BOARD MEETINGS.AS PER SEBI THE NUMBER IS 3 . AS PER COMPANY LAW IT IS 4 . EVEN FOR AN UNLISTED COMPANY,AS FOR COMPLIANCE UNDER COMPANY LAW ,SECRETAIAL AUDIT REPORT IS ALSO REQUIRED TO BE FILED WITH ROC FOR COMAPNIES WITH PAID UP CAPITAL BETWEEN RS. 10 LAKHS TO RS. 2 CR. IN WHICH ALL COMPANY LAW COMPLIANCES TO BE REPORTED INCL. NUMBER OF BOARD MEETINGS , ETC... R.V.RAO
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