Which opinion if company has calculated depn as per ca 1956?

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Nihal Joshi (Querist)
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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.

Amol S Joglekar

Amol S Joglekar (Expert)
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05 October 2015 It is by way of a NOTE in main audit report.

In caro you can give the details.

Nihal Joshi

Nihal Joshi (Querist)
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05 October 2015 Sorry Mr. Amol but this answer given by you is not upto the satisfaction level. Thank you.

Amol S Joglekar

Amol S Joglekar (Expert)
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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)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

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