Key managerial personnel (kmp)

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Shailesh Manohar Mulay (Querist)
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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.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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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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Shailesh Manohar Mulay

Shailesh Manohar Mulay (Querist)
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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.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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14 October 2016 Yes, it is necessary to make the disclosure in the financial statement

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CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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14 October 2016 Yes, it is necessary to make the disclosure in the financial statement

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Shailesh Manohar Mulay

Shailesh Manohar Mulay (Querist)
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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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