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today audit paper query
whether indas apply to sec 8 company?
Replies (6)
I don't know whether ind as applies or not, but i think question just asked about the reporting aspect as it was written that we have come across a notification and according to it, ind as needs to be applied and management is of opposite view. I wrote that in that case FRF used is not proper so we'll Qualify our opinion. Don't know if it's right or wrong.
but i think the answer could be about the emphasis of mattet para...if indas do not apply to the fin statement..
I wrote that auditor will disclose this matter in EOM para ! And disclose the departure frm accounting standards
exactly....thats what i want to convey
hw was ur paper guys ?
its applicable to sec 8 co. as per rule 3....hence intention of mgmt was incorrect and hence auditor should qualify his report accordingly considering the pervasive effect of non complying with frf
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