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1. The Central Government, in exercise of the powers conferred, under sub- section (4A) of section 227 of the Companies Act, 1956 (hereinafter referred to as \u201cthe Act\u201d), has issued the Companies (Auditor\u2019s Report) Order, 2003 (hereinafter referred to as \u201cthe Order\u201d),vide Notification No. G.S.R. 480(E) dated June 12, 2003. The Order contains certain reporting requirements for the auditors of the classes of companies specified in the Order. The text of the Order is given in Appendix I to the Statement.
2. The Order supersedes the earlier Order issued in 1988,viz., the Manufacturing and Other Companies (Auditor\u2019s Report) Order, 1988. (MAOCARO, 1988). Appendix II to this Statement contains a clause-by- clause comparison of the reporting requirements of the Order and MAOCARO, 1988. It would be clear from the comparison that the Order seeks to rationalize the requirements of the earlier Order in a number of ways, besides adding certain new clauses. Some of the clauses of erstwhile MAOCARO, 1988 have not found place in the Order.
3. The purpose of this Statement1 is to enable the members to comply with the reporting requirements of the Order. It should, however, be noted that the clarifications and guidelines contained in this Statement are not intended to be exhaustive and the auditors should exercise their professional judgment and experience on various matters on which they are required to report under the Order.
Council are critical for the proper discharge of their functions.\u2019 Statements\u2019 therefore are mandatory. Accordingly, while discharging their attest function, it will be duty of the members of the Institute to ensure that the \u2018Statements\u2019 relating to auditing matters are followed in the audit of financial information covered by their audit reports. If for any reason a member has not been able to perform an audit in accordance with such \u2018Statements\u2019, his report should draw attention to the material departures there from. Attention is invited in this regard to the \u201cClarification regarding Authority Attached to the Documents Issued by the Institute\u201d published in the December, 1985 issue of the Institute\u2019s Journal \u201cThe Chartered Accountant\u201d.
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