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Changes in ca final audit due to co. act 2013

Parul Sabharwal (Apprentice) (62 Points)

22 April 2014

Is there any changes in ca final audit due to new companies Act 2013 ?

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14 Replies

CA Saroj Kumar (Keen to learn something new every moments) (2588 Points)
Replied 22 April 2014

Yes mam there must be chhange but not yet clarified by the Institute...so wait and watch ....when ICAI issue any notification in this regards....

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Ankit (Student) (661 Points)
Replied 22 April 2014

Yes surely there will be change as sec no 139-148 of companies bill 2013 are related with company audit. So as and when these sec's are made applicable then current company audit will change.

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Parul Sabharwal (Apprentice) (62 Points)
Replied 22 April 2014

Thanks Saroj & Ankit for your valuable replies!!

Nikhil Kaushik (Fellow CA) (85304 Points)
Replied 22 April 2014

Dear Parul, ICAI has already provided for the changes that are applicable to November 2014 attempt.

While ICAI has only issued revised study material for the Corporate Law and Professional ethics, in its notification, it has made a footnote "If any provision of the Companies Act, 2013 comes into force in place of an existing provision under the Companies Act, 1956 or otherwise by way of new provision, the syllabus would accordingly include the corresponding or new provisions of the Companies Act, 2013, as the case may be."

Please refer Page 12 of the file at the link https://caclubindia.s3.amazonaws.com/cdn/forum/files/206964_1297740_icai_notification_for_applicability_of_companies_act_2013_for_november_14_attempt.pdf

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Parul Sabharwal (Apprentice) (62 Points)
Replied 22 April 2014

Thanks Nikhil for the reply !!

Nikhil Kaushik (Fellow CA) (85304 Points)
Replied 22 April 2014

you are welcome Parul...

CA ESHAN CHAKRAWARTI (job) (101 Points)
Replied 22 April 2014

no changes due to companies act BT there is some changes in bank audit chapter & SA

garvit bharti (CA FINAL) (370 Points)
Replied 22 April 2014

Dear eshan sir... Can u tell me that which particular SA(s) has changed??

SANJEEV (MANAGER) (21 Points)
Replied 22 April 2014

yes parul there is changes of said shortly it applicable

Bharat Chandra nanduru (Auditor In-charge) (32 Points)
Replied 22 April 2014

There would be no changes in the audit paper as companies act 2013 is not applicable for this attempt.

Bharat Chandra nanduru (Auditor In-charge) (32 Points)
Replied 22 April 2014

There would be no changes in the audit paper as companies act 2013 is not applicable for this attempt.

CS Durgesh Soni (COMPANY SECRETARY) (88 Points)
Replied 22 April 2014

Tenure of appointment and reappointment is changed. Total 20 companies are allowed under audit to an auditor. An auditor can not hold the office of a company, if the company is -listed or -unlisted public company with paid up share capital of Rs. 10 crore or more or -private company with paid up share capital of Rs. 20 crore or more -company having aggregate loan from financial institution, banks and public deposit of Rs. 50 crore or more For individual a term of 5 years For firm two terms of five years Appointment provisions are also changed. For more details please refer companies Act and rules made there under. Thanks

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vineet (Practice ) (21 Points)
Replied 23 April 2014

Clause 49 , bank audit , peer review , nbfc

Piyush Sancheti (HEAD TAXATION CHEMICAL MFG CO) (307 Points)
Replied 23 April 2014

With reference to icai circular no provision of companies act 2013 are applicable for May 2014, its relevant & effective from Nov 2014 examination. reference : https://220.227.161.86/32800bos-announ15mar14.pdf