Hi all Members
I hv doubt on Related party Transactions.
Is it necessary to desclose in audit report when a company pay remunaration and sitting fee to Directors ?
4 Replies
Arjun Roy
(Chartered Accountant)
(158 Points)
Replied 12 September 2009
yes, u hv to as per 40A 2b..
hemal
(CA FINAL)
(176 Points)
Replied 28 September 2009
yes if the director is executive then it will included and in case of non-executive, u hav to checked that whther he has authority ot exercise control or authority to make decision. if yes then it will also to be disclosed.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 28 September 2009
related party transactions should be disclosed in notes to accounts of the balance sheet.........
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