ameer asked 3 years ago
Sir, we are into statutory audit of NBFC. As u said, there is separate audit report for the BOD of NBFC. is it mandatory to provide so.???
if Yes, Would u mind sharing the format of same.
Also, is SAC (Statutory Audit Certificate ) same as Audit Report
2 Answers
Ravi Staff answered 3 years ago
RBI issued directions for matters to be included in audit report to BOD.
They have not issued any format for the same. Just like we have clauses in CARO and not any specific format, same is the case with these directions.
Ravi Staff answered 3 years ago
Audit report is on financial statements.
Statutory Audit Certificate is on whether NBFC fulfilling 50-50 test, net owned funds etc
So both are different
Below is link to format of SAC
https://rbidocs.rbi.org.in/rdocs/content/pdfs/SAC230616_AN.pdf