Audit of financial statements/certification
This query is : Resolved
Quick Summary
15 June 2021
Respected sirs
A chartered accountant, being the statutory auditor of the company, is certifying the audited financial statements as ' PREPARED BY". In the audit report the reporting was, I quote, " The preparation of financial statements is the responsibility of the management. Our duty is to express our opinion on it". But on the statements the certification was" PREPARED BY". MY questions are
1. Can a practicing chartered accountant certify the audited statements as above?
2.Is it not violation of section 144 of companies act 2013?
3.Is it not against the guidelines issued by ICAI with regard to audit of companies?
4.Is the chartered accountant guilty of professional misconduct?
Kindly advice
Subrahmanyam
A chartered accountant, being the statutory auditor of the company, is certifying the audited financial statements as ' PREPARED BY". In the audit report the reporting was, I quote, " The preparation of financial statements is the responsibility of the management. Our duty is to express our opinion on it". But on the statements the certification was" PREPARED BY". MY questions are
1. Can a practicing chartered accountant certify the audited statements as above?
2.Is it not violation of section 144 of companies act 2013?
3.Is it not against the guidelines issued by ICAI with regard to audit of companies?
4.Is the chartered accountant guilty of professional misconduct?
Kindly advice
Subrahmanyam
15 June 2021
1 He can't certify the audited statements as above.
Right certification is " The preparation of financial statements is the responsibility of the management. Our duty is to express our opinion on it".
2 yes, it's violation.
3 Yes, it's against the guidelines issued.
4 yes, he is.
Right certification is " The preparation of financial statements is the responsibility of the management. Our duty is to express our opinion on it".
2 yes, it's violation.
3 Yes, it's against the guidelines issued.
4 yes, he is.
16 June 2021
Sir
Thank you very much for your reply.
subrahmanyam
Thank you very much for your reply.
subrahmanyam
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- GST Rate for Catering Services
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Journal entry of busniess expenses
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
