Key managerial personnel (kmp)
This query is : Resolved
04 October 2016
Hi
I have a query relating to KMPs. Our company is having Country Financial Controller (CFC), a company Secretary, MD, Manager, since MD, CS and Manager is considered as KMPs as per Companies Act,1956 as well as per Companies Act,2013, then in such a case is whether Country Financial Controller (CFC) is considered as KMP as per AS-18 & as per Companies act,2013
If CFC is a KPM then is he have a right to sign Financial Statement and need to give disclosure in Management Representation Letter.
I have a query relating to KMPs. Our company is having Country Financial Controller (CFC), a company Secretary, MD, Manager, since MD, CS and Manager is considered as KMPs as per Companies Act,1956 as well as per Companies Act,2013, then in such a case is whether Country Financial Controller (CFC) is considered as KMP as per AS-18 & as per Companies act,2013
If CFC is a KPM then is he have a right to sign Financial Statement and need to give disclosure in Management Representation Letter.
06 October 2016
The definition of KMP is based on the role and not specifically the title. If the CFC performs the role of CFO he becomes KMP and he has to sign the financial statement and provide requisite disclosure.
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14 October 2016
Thanks Amrita,
But if CFC signs the financials, then whether it is necessary to make disclosures in Financials as he is a KPM.
But if CFC signs the financials, then whether it is necessary to make disclosures in Financials as he is a KPM.
14 October 2016
Yes, it is necessary to make the disclosure in the financial statement
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14 October 2016
Yes, it is necessary to make the disclosure in the financial statement
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14 October 2016
Thanks Amrita for your opinion. Will try to convinence our Statutory Auditors & the management.
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