Clause 8 default in loan whether Auditor should comment only if there is default and if company has not defaulted Shouls Auditor comment that THERE IS NO DEFAULT. OR WHETHER THE CLAUSE WILL BE NOT ApplIcable Then
Questions › Category: CARO › Clause 8 default in loan whether Auditor should comment only if there is default and if company has not defaulted Shouls Auditor comment that THERE IS NO DEFAULT. OR WHETHER THE CLAUSE WILL BE NOT ApplIcable Then
Literal Interpretation — Not Applicable
Reasonable Interpretation — Company has not defaulted in repayment of loans than writing not applicable.
It is better to write 2nd one if company has taken loans.
Himalaya
Ravi