Nov 2014 auditing exam

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Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2014 I am following vikas oswal reference book. There is appendix for amendments of companies act. Those amendments will be applicable for my november 14 attempt? Author suggested to follow the amendments as per ICAI notification.. Please help me.. I am very confused. Some are saying there are no amendments in audit.. Then y will the author provide amendments separately

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 August 2014 Since Section 139 to Section 148 (Chapter X - Audit and Auditors) applicable are not among the 98 Section notified which are applicable for Nov 2014 exams there is no changes in Audit Subject for IPCC Nov 2014 exams.

Remember for the rest of the section Companies Act 1956 will continue to apply.

Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2014 But why did the author gave amendments appendix and asked to follow if ICAI has made any notification. I am very confused. In old co's act for disqualification of auditor,he should not borrow above 1000 from company, but now that limit increased to 100000. Now please say me what should i write in exam? 1000 or 100000

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Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2014 But why did the author gave amendments appendix and asked to follow if ICAI gave notification?
In old co's act, for disqualification of auditor he should not borrow more than 1000 from a company. But now that limit increased to 100000. Now what should i write in exam 1000 or 100000

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 August 2014 You should write the provision as per Companies Act 1956 i.e., Rs 1000. In the Companies Act 2013 this amount under section 141(3)(d)(ii) has increased to Rs 500000 and Rs u/s 141(3)(d)(iii) to Rs 100000. Now since this section is not among the 53 out of 98 notified sections of Companies Act 2013 which is applicable for Nov 2014 term provisions of Section 226 of Companies Act 1956 is applicable.

Do refer the RTP when released by ICAI. Hopefully these doubts will also be cleared there.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 August 2014 For Final Course these sections of Chpater X - Audit ad Auditors has been specifically notified by the ICAI but not for IPCC. See the notification from below link--

http://220.227.161.86/33530bos23144nov14.pdf

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