Audit report-qualification
This query is : Resolved
21 October 2016
If a company does not calculate and provide depreciation as per new format as per companies act 2013, is it mandatory for the auditor to qualify in his report?
22 October 2016
Yes.
1. In the 'notes on accounts' :-
* method of depreciation has to be mentioned.
* quantify the difference between the depreciation as per the method adopted and as per Schedule II of rhe Companies Act,2013.
2. In the audit report:-
* repeat the 'notes on accounts'
* quantify the effect on the profit, assets and 'reserves and surplus' of the company.
1. In the 'notes on accounts' :-
* method of depreciation has to be mentioned.
* quantify the difference between the depreciation as per the method adopted and as per Schedule II of rhe Companies Act,2013.
2. In the audit report:-
* repeat the 'notes on accounts'
* quantify the effect on the profit, assets and 'reserves and surplus' of the company.
22 October 2016
Sir should the auditor issue a qualified opinion or is it sufficient if he mentions in his report ?
Thankyou for your reply.
Thankyou for your reply.
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