Audit report under Companies Act India?

Answer 1

Here is an Illustrative Auditor’s Report on the Financial Statements in the Case of a Company Incorporated Under the Companies Act, 1956 to which AS 3 is applicable


Auditor’s Report
The Members of ………………(name of the Company)

We have audited the attached balance sheet of ………………. (name of the company), as at 31st March 2XXX, and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure 13 a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch Auditor’s Report(s) have been forwarded to us and have been appropriately dealt with);

The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account (and with the audited returns from the branches);

In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

On the basis of written representations received from the directors, as on 31st March 2XXX and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2XXX from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

in the case of the balance sheet, of the state of affairs of the company as at 31st March 2XXX;

in the case of the profit and loss account, of the profit / loss for the year ended on that date; and

in the case of the cash flow statement, of the cash flows for the year ended on that date. .

For ABC and Co.
Chartered Accountants
Signature
(Name of the Member Signing the Audit Report)
(Designation)
Membership Number
Place of Signature

Date

Please refer to Auditing and Assurance Standard (AAS) 28 The Auditor’s Report on Financial Statements issued by the Council of the Institute of Chartered Accountants of India at the link provided below for samples of modified reports.

Answer 2

it would have to be a plateau tax rate to exclude a group. To pay for what we spend each year...40% or more considering the diminishing returns of raising taxes versus total dollars received by the government. If you want to save the poor of this country taxes you would eliminate the corporate tax and the income tax through repeal of the 16fh amendment and then add a sales tax of 15 to 20% on all primary market purchases.