Interesting Audit Updates

Audit reports of FY 15-16, will have a New Annexure to Independent Auditor Report for all companies.

Infact it is not just such annexure it is full fledged separate report in itself.

“Report on the Internal Financial Controls(IFC)”

Following will be the key components of this report as per Guidance Note on IFC

1.Intro
2.Management Responsibility for IFC
3.Auditor Responsibility
4.Meaning of IFC over Financial Reporting
5.Inherent Limitations of IFC over FR
6.Opinion
7.Signature
8.Place
9.Date

Happy Additional Responsibilities !!!

If report is in appropriate happy exorbitant fines and damages!!!

I hope client pays additional fees!!!