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After the Satyam scandal took place in 2009, the Standing Committee on Finance proposed the concept of the National Financial Reporting Authority (NFRA) for the first time in its 21st report. [3] Companies Act 2013, then gave the regulatory framework for its composition and constitution. The Union Cabinet approved the proposal for its ...
The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956 .
Government companies as per the provisions of the Companies Act, 2013; Corporations established by or under laws made by Parliament in accordance with the provisions of the respective legislation. Authorities and bodies substantially financed from the Consolidated Funds of the Union and State Governments.
An auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on the results of the audit.
The PCAOB was created in response to an ever increasing number of accounting "restatements" (corrections of past financial statements) by public companies during the 1990s, and a series of high-profile accounting scandals and record-setting bankruptcies by large public companies, notably those in 2002 involving WorldCom and Enron, and the audit ...
The Companies (Audit, Investigations and Community Enterprise) Act 2004 (c 27), sometimes called CAICE, is an Act of the Parliament of the United Kingdom that regulates certain practices in financial record keeping and reporting for companies. In 2005 and 2013, Mäntysaari and McLaughlin said this Act is important.
The duty of directors to produce a directors' report once a year is found in the Companies Act 2006 section 415. Under section 416, the contents must include the directors' names and the company's principal activities. The critical requirement is found in section 417(1). A business review must be carried out, though this is only for large ...
In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes–Oxley Act; however, it adopted many of the GAAS initially. The GAAS continues to apply to non-public/private companies.