Which opinion if company has calculated depn as per ca 1956?
This query is : Resolved
Nihal Joshi
(Querist)
05 October 2015
Dear Sir,
Greetings of the day.
One of our client has calculated depreciation in Financial Year 2014 - 15 as per Companies Act, 1956 instead of Companies Act, 2013.
My Question is which opinion shall be framed in audit report, i.e. Adverse Opinion or Qualified Opinion?
Can anyone send me the link for format of such audit report??
Thanks and Regards,
Nihal Joshi.
Greetings of the day.
One of our client has calculated depreciation in Financial Year 2014 - 15 as per Companies Act, 1956 instead of Companies Act, 2013.
My Question is which opinion shall be framed in audit report, i.e. Adverse Opinion or Qualified Opinion?
Can anyone send me the link for format of such audit report??
Thanks and Regards,
Nihal Joshi.
Amol S Joglekar
(Expert)
05 October 2015
It is by way of a NOTE in main audit report.
In caro you can give the details.
In caro you can give the details.
Nihal Joshi
(Querist)
05 October 2015
Sorry Mr. Amol but this answer given by you is not upto the satisfaction level. Thank you.
Amol S Joglekar
(Expert)
05 October 2015
You are most welcome.
And please, satisfation is something which is in addition to LAW.
Attributes are NOT to quantified, they are to be dealt with in a diligent manner.
e.g. many a times, many auditors write "debtors and creditors balances are subject to confirmation"..... This comes in main audit report page... subject to this...balance sheet and P&L portray a true and correct view...
You can do the same for depreciation under Companies Act 1956.
(Your views please)
And please, satisfation is something which is in addition to LAW.
Attributes are NOT to quantified, they are to be dealt with in a diligent manner.
e.g. many a times, many auditors write "debtors and creditors balances are subject to confirmation"..... This comes in main audit report page... subject to this...balance sheet and P&L portray a true and correct view...
You can do the same for depreciation under Companies Act 1956.
(Your views please)
05 October 2015
It is a misstatement, mostly material but not pervasive hence 'qualified opinion' is required.
Ref:- https://icai.org/post.html?post_id=11194
Ref:- https://icai.org/post.html?post_id=11194
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