Audit

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Avinash Kumar

CA Final Student & Working as Deputy Ma

50 Points Posted on 16 April 2016

Dear All,

Greetings of the Day !!

As you all aware that as per Section 143(3)(i) of companies Act statutory auditor requiring to comment in his audit report whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

Since we have already an internal auditor who look after internal control system further do we need to get any special audit for this purpose or statutory auditor himself during his audit will reach to conclusion to comment ?

Is there any statutory obligation to get special audit for this purpose alone?

Thanks in advance to all !!

Replies (3)

Shubham Gupta

Business Consultants

1660 Points Posted on 16 April 2016

Sir,

There is NO statutory obligation to get special audit.

It depends on your judgement after all you will be reponsible for your audit report.

If you are able to get comfort as statutory auditor that the organisation is having adequate Financial contol from the internal auditor report, then you go ahead,.

Other wise you can give audit of ICFR to some other professional, or your own team can perform.