Independent audit report format for the FY 2023-24
It’s important for all of us to take a moment and actually read the entire independent audit report for each auditee. At the very least, make sure you understand what you’re signing and what the consequences could be.
I’ve noticed that some audit reports for FY 2023-24 are still referring to The Companies (Accounting Standards) Rules, 2006, even though the MCA introduced the updated standards under The Companies (Accounting Standards) Rules, 2021 starting from 01/04/2021. But, as usual, due to a quick “copy-paste” approach, the old rule from 2006 is still being mentioned in many reports.
On top of that, some reports are missing the new paragraph required under Rule 11 of The Companies (Audit and Auditors) Rules, 2014. This year, reporting under Rule 11(g) is mandatory, but it’s being overlooked in some cases.
Download draft independent auditors report. for the FY 2023-24
You may also like to read:
1. Draft format of Management Representation Letter on Statutory Audit
2. Defining the Scope of the Audit with an Engagement Letter
#Independent auditors report FY2023-24 #new audit report format 2023-24