Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Internal financial control under section 143(3)

nikhil garg (student) (55 Points)

22 June 2016

whether Requirement of auditor to report on internal financial control under clause (i) of section 143 (3) is applicable to private companies or unlisted public company

or it is applicable to listed companies only

please do reply,its urgent

Reply
Follow
Share

4 Replies

Kuldipsinh Jadeja (Job) (357 Points)
Replied 22 June 2016

It is applicable to all the companies. For more details please refer section 134(3)(c) read with section 134(5)(e) of the Companies Act, 2013.

Upgrade to CAclubindia Pro. Subscribe Now!

nikhil garg (student) (55 Points)
Replied 22 June 2016

this section deals with DRS that is applicable to only listed companies i was asking internal control system in regard to audit report section 143

CA Saroj Kumar (Keen to learn something new every moments) (2588 Points)
Replied 22 June 2016

Its a general provisio which applies on every company auditors, whether it is private or public.

Sec 143(3)

The auditor report should state the following matters:-

Whether he has obtained all the information and explanations which to the best of his knowledge and belief were necessary for the purpose of audit. In case proper information are not received then the details thereof and effect of such information on the financial statement should be stated in the auditor’s report

Kuldipsinh Jadeja (Job) (357 Points)
Replied 22 June 2016

Originally posted by : nikhil garg
	this section deals with DRS that is applicable to only listed companies i was asking internal control system in regard to audit report section 143