Section 143 of the Companies Act, 2013, along with Chapter X the Companies (Audit and Auditors) Rules, 2014, provides the powers and duties of auditors. This article highlights the role of the auditor in the Audit Report as per MCA.
The notification issued by the Ministry of Corporate Affairs dated March 24, 2021, introduced the Companies (Audit and Auditors) Amendment Rules 2021. The notification omitted Clause (d) and incorporated clause (e), (f), (g) in the in Rule of the Companies (Audit and Auditors) Rules, 2014.
As per these clauses, the auditor has to furnish the details provided below in the Auditors report:
The auditors must comply with the auditing standards at all times and where the reasons shall accompany any qualification mentioned in the report. Further, it is also to be considered that the audit trail system and additional reporting requirements will help ensure proper compliance by the company.