Statutory Audiit

This query is : Resolved 

Querist : Anonymous (Querist) 12 May 2011

Is there any specific format in which Statutory Audit Report needs to be issued.

Sanjeev Sandh (Expert)
14 May 2011

Yes, specific formats are prescribed for Statutory Audit Reports of various types of entities/ companies.

Querist : Anonymous (Querist) 14 May 2011

As the Tax Audit report needs to be issued in Form 3CA 3CB and 3CD, similarly in which format the Statutory Audit report needs to be issued? Pls eleborate and explain......thank in advance

Sanjeev Sandh (Expert)
14 May 2011

Is the client a company? What type of company? The answer will depend on that and other questions, since the prescribed formats are different for each.

Querist : Anonymous (Querist) 14 May 2011

1. A private limited Company
2. A Public Limited Company
3. A Partnership Firm
4. A LLP

Amol Gopal Kabra (CA,CS,DISA) (Expert)

14 May 2011

For a limited company under the Companies Act, 1956 there are two consequences. If the norms of Companies Audit Report Order i.e. CARO are applicable, the report is to be submitted in that format only. If CARO is not applicable, then the short format of that report is sufficient. No need to inform the details as required by CARO in annexures.

For a partnership firm and LLP there is no statutory audit applicable. So, the auditor can decide in what form to report or it may depend upon the audit engagement regarding the reporting part.

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