Search results
Results from the WOW.Com Content Network
According to Section 132 of the Companies Act 2013, "NFRA is responsible for recommending accounting and auditing policies and standards in the country, undertaking investigations, and imposing sanctions against defaulting auditors and audit firms in the form of monetary penalties and debarment from practice for up to 10 years." [4]
The Indian Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor, a person had to acquire a restricted certificate from ...
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 It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956 .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.
The Comptroller and Auditor General (CAG) of India is an authority, established by the Constitution under Constitution of India/Part V Chapter V/Sub-part 7B/Article 148, who audits all receipts and expenditure of the Government of India and the state governments, including those of bodies and authorities substantially financed by the government.
Institute of Internal Auditors best practice: [4] “In India, Section 177 of the Companies Act, 2013 mandates that the Board of Directors of every listed company, and certain other prescribed classes of companies, must constitute an Audit Committee. This committee is required to have a minimum of three directors, with the majority being ...
enter into contracts, execute instruments, incur liabilities, and do any and all other acts and things necessary, appropriate, or incidental to the conduct of its operations and the exercise of its powers under the Sarbanes-Oxley Act. Auditors of public companies are prohibited by the Sarbanes-Oxley Act to provide non-audit services, such as ...
Most importantly, external auditors, though engaged and paid by the company being audited, should be regarded as independent. Internal Auditors are employed by the organizations they audit. They work for government agencies (federal, state and local); for publicly traded companies; and for non-profit companies across all industries.