Regarding disclosure requirement and reporting requirement in the Auditor’s Report that the company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016.
We would like to inform you that the Ministry of Corporate Affairs has issued a Notification regarding amendment in Schedule III to the Companies Act 2013, wherein it has been mentioned that every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016. The Notification may be accessed at the link: http://www.mca.gov.in/Ministry/pdf/AmendmentinScheduleIII_Notification31032017.pdf
Further, the Ministry of Corporate Affairs has amended the Rules pertaining to Chapter X of the Companies Act, 2013, wherein it has been provided that the auditor of a company is required to disclose in the Auditor's Report "whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company." The Amendment Notification may be accessed at the link: http://www.mca.gov.in/Ministry/pdf/ScannedCompaniesAuditandAuditorsRules_31032017.pdf
We request you to please note the amendment and take care in your professional capacity for disclosure requirements and reporting requirements while accounting/ auditing the financial statements for the year 2016-2017.
With Regards
Chairman, Corporate Laws & Corporate Governance Committee
The Institute of Chartered Accountants of India
Disclosure of specified bank notes in auditor's report
Last updated: 06 April 2017
Follow on
Google News
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Comments
Recent News :
- MCA Releases Corporate Mitra Scheme Guidelines 2026
- ICAI, ICSI, ICMAI & IIT Madras Join MCA's Corporate Mitra Scheme for MSME Growth
- Income Tax Department Enables Online Challan Correction Facility
- RBI Withdraws Obsolete FEMA Circulars to Simplify Foreign Exchange Regulatory Framework
- RBI Issues TReDS Directions 2026, Simplifies Framework for MSME Financing
- ICSI Urges Members to Update Contact Details Ahead of Election Process
- Finance Ministry Notifies Jan Vishwas Act Amendments for RBI, LIC, Insurance and PFRDA Laws from 23rd June 2026
- ICAI President Calls Yoga a Blueprint for Balanced Professional Life on Yoga Day 2026
- MCA Extends Name Reservation and E-Form Resubmission Deadlines Till July 10, 2026
- MCA Extends DPT-3 Filing Due Date: No Additional Fees Till 31st July 2026
Popular News
- GSTN Issues Advisory on e-Invoice API and e-Way Bill by IRN API Changes Effective from 1st August 2026
- MCA Releases Corporate Mitra Scheme Guidelines 2026
- MCA Extends DPT-3 Filing Due Date: No Additional Fees Till 31st July 2026
- RBI Streamlines Payment System Regulations with Comprehensive Master Directions
- Income Tax Act 2025: Key FAQs on Proposed Tax Exemption for FIIs Investing in G-Secs
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
