{"id":191,"date":"2015-07-10T11:13:21","date_gmt":"2015-07-10T05:43:21","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=191"},"modified":"2023-12-29T00:13:39","modified_gmt":"2023-12-28T18:43:39","slug":"internal-financial-control-systems-companies-act-2013","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/internal-financial-control-systems-companies-act-2013\/","title":{"rendered":"CORPORATE AND INDUSTRY HIGHLIGHT"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e153697df76\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e153697df76\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/internal-financial-control-systems-companies-act-2013\/#INTERNAL_FINANCIAL_CONTROL_SYSTEMS-_COMPANIES_ACT_2013\" title=\"INTERNAL FINANCIAL CONTROL SYSTEMS- COMPANIES ACT 2013\">INTERNAL FINANCIAL CONTROL SYSTEMS- COMPANIES ACT 2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/internal-financial-control-systems-companies-act-2013\/#Company_Law_List_of_Sections\" title=\"Company Law List of Sections\u00a0\">Company Law List of Sections\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INTERNAL_FINANCIAL_CONTROL_SYSTEMS-_COMPANIES_ACT_2013\"><\/span><span style=\"color: #000080;\"><strong>INTERNAL FINANCIAL CONTROL SYSTEMS- COMPANIES ACT 2013<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1.png\" rel=\"attachment wp-att-1732\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1732\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1-300x151.png\" alt=\"Untitled22A\" width=\"977\" height=\"492\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1-300x151.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1.png 475w\" sizes=\"(max-width: 977px) 100vw, 977px\" \/><\/a>Vide Section 143 (3)(i) of the Companies Act, 2013 the Auditor is required to be report as follows:- &#8220;Whether the company has adequate internal financial controls system and the operating effectiveness of such controls\u201d. However, vide notification dated 14.10.14 the reporting requirement under this clause has been made relaxed for FY 2014-15 and accordingly Rule 10A of Companies (Audit and Auditors) Rules, 2014 report by Auditors on 143(3) (i) has been made applicable for financial years commencing on or after 01.04.2015. (For FY 2014-15 the same is voluntary).<\/p>\n<p style=\"text-align: justify;\">The word &#8220;Internal Financial Control&#8221; (IFC) has not been defined in the Companies Act, 2013 except in Section 134 (5)(e):-<\/p>\n<p style=\"text-align: justify;\">IFC means the policies and procedures adopted by the Company for ensuring:-<\/p>\n<ol style=\"text-align: justify;\">\n<li>The orderly and efficient conduct of its business,<\/li>\n<li>Including adherence to company&#8217;s policies,<\/li>\n<li>The safeguarding of its assets,<\/li>\n<li>The prevention and detection of frauds and errors,<\/li>\n<li>The accuracy and completeness of the accounting records, and<\/li>\n<li>The timely preparation of reliable financial information.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">The ICAI has issued a Guidance Note on Audit of IFC over Financial Reporting.<\/p>\n<p style=\"text-align: justify;\">The ICAI has issued a Guidance Note on Audit of IFC over Financial Reporting.<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/closure-of-subsidiary-company\/\"><span style=\"color: #000000;\">Read more about<\/span> : CLOSURE OF SUBSIDIARY COMPANY<\/a><\/p>\n<p>Read more about :\u00a0<a href=\"https:\/\/carajput.com\/blog\/summary-of-new-mca-official-updates-under-the-company-act-2013\/\">Summary of New MCA official updates under the Company Act 20<\/a><\/p>\n<p><strong><span style=\"color: #ff6600;\"><span style=\"text-decoration: underline;\">Key Impacts<\/span><\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Section 177 (4) (vii) Evaluation of IFC by Audit Committee<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Every Audit Committee shall act in accordance with the terms of reference specified in writing by the Board which shall inter alia and include evaluation of internal financial controls and risk management systems.<\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Schedule IV (II)(4) Integrity of Financial Statements to be validated by Independent Directors<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Independent Directors shall satisfy themselves on the integrity of financial information and that of financial controls.<\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Section 134 (5) (e) BoD to ensure implementation of adequate IFC<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The report by the Board of Directors (BoD) shall include a statement ensuring implementation of adequate internal financial control and adherence of policy and procedures adopted by the company and other matters specified.<\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Section 143 (3) (i) Auditor&#8217;s Report to state adequacy and effectiveness of IFC<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Whether the company has adequate internal financial controls system and the operating effectiveness of such controls.<\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Section 134 (8) Consequences of non compliances with required provisions<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">If a Company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to twenty-five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Company_Law_List_of_Sections\"><\/span><span style=\"color: #000080;\"><strong>Company Law List of Sections\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"padding-left: 40px;\">1- Short title, extent,commencement and application<\/p>\n<p style=\"padding-left: 40px;\">2 &#8211; Definitions<\/p>\n<p style=\"padding-left: 40px;\">3 &#8211; Formation of company<\/p>\n<p style=\"padding-left: 40px;\">4 &#8211; Memorandum<\/p>\n<p style=\"padding-left: 40px;\">5 &#8211; Articles<\/p>\n<p style=\"padding-left: 40px;\">6 &#8211; Act to override memorandum, articles, etc<\/p>\n<p style=\"padding-left: 40px;\">7 &#8211; Incorporation of company<\/p>\n<p style=\"padding-left: 40px;\">8 &#8211; Formation of companies with charitable objects, etc<\/p>\n<p style=\"padding-left: 40px;\">9 &#8211; Effect of registration<\/p>\n<p style=\"padding-left: 40px;\">10 &#8211; Effect of memorandum and articles<\/p>\n<p style=\"padding-left: 40px;\">11 &#8211; Commencement of business<\/p>\n<p style=\"padding-left: 40px;\">12 &#8211; Registered office of company<\/p>\n<p style=\"padding-left: 40px;\">13 &#8211; Alteration of memorandum<\/p>\n<p style=\"padding-left: 40px;\">14 &#8211; Alteration of articles<\/p>\n<p style=\"padding-left: 40px;\">15 &#8211; Alteration of memorandum or articles to be noted in every copy<\/p>\n<p style=\"padding-left: 40px;\">16 &#8211; Rectification of name of company<\/p>\n<p style=\"padding-left: 40px;\">17 &#8211; Copies of memorandum, articles, to be given to members<\/p>\n<p style=\"padding-left: 40px;\">18 &#8211; Conversion of companies already registered<\/p>\n<p style=\"padding-left: 40px;\">19 &#8211; Subsidiary company not to hold shares in its holding company<\/p>\n<p style=\"padding-left: 40px;\">20 &#8211; Service of documents<\/p>\n<p style=\"padding-left: 40px;\">21 &#8211; Authentication of documents, proceedings and contracts<\/p>\n<p style=\"padding-left: 40px;\">22 &#8211; Execution of bills of exchange, etc<\/p>\n<p style=\"padding-left: 40px;\">23 &#8211; Public offer and private placement<\/p>\n<p style=\"padding-left: 40px;\">24 &#8211; Power of Securities and Exchange Board to regulate issue and transfer of securities,<\/p>\n<p style=\"padding-left: 40px;\">25 &#8211; Document containing offer of securities for sale to be deemed prospectus<\/p>\n<p style=\"padding-left: 40px;\">26 &#8211; Matters to be stated in prospectus<\/p>\n<p style=\"padding-left: 40px;\">27 &#8211; Variation in terms of contract or objects in prospectus<\/p>\n<p style=\"padding-left: 40px;\">28 &#8211; Offer of sale of shares by certain members of company<\/p>\n<p style=\"padding-left: 40px;\">29 &#8211; Public offer of securities to be in dematerialised form<\/p>\n<p style=\"padding-left: 40px;\">30 &#8211; Advertisement of prospectus<\/p>\n<p style=\"padding-left: 40px;\">31 &#8211; Shelf prospectus<\/p>\n<p style=\"padding-left: 40px;\">32 &#8211; Red herring prospectus<\/p>\n<p style=\"padding-left: 40px;\">33 &#8211; Issue of application forms for securities<\/p>\n<p style=\"padding-left: 40px;\">34 &#8211; Criminal liability for misstatements in prospectus<\/p>\n<p style=\"padding-left: 40px;\">35 &#8211; Civil liability for misstatements in prospectus<\/p>\n<p style=\"padding-left: 40px;\">36 &#8211; Punishment for fraudulently inducing persons to invest money<\/p>\n<p style=\"padding-left: 40px;\">37 &#8211; Action by affected persons<\/p>\n<p style=\"padding-left: 40px;\">38 &#8211; Punishment for personation for acquisition, etc., of securities<\/p>\n<p style=\"padding-left: 40px;\">39 &#8211; Allotment of securities by company<\/p>\n<p style=\"padding-left: 40px;\">40 &#8211; Securities to be dealt with in stock exchanges<\/p>\n<p style=\"padding-left: 40px;\">41 &#8211; Global depository receipt<\/p>\n<p style=\"padding-left: 40px;\">42 &#8211; Offer or invitation for subscription of securities on private placement<\/p>\n<p style=\"padding-left: 40px;\">43 &#8211; Kinds of share capital<\/p>\n<p style=\"padding-left: 40px;\">44 &#8211; Nature of shares or debentures<\/p>\n<p style=\"padding-left: 40px;\">45 &#8211; Numbering of shares<\/p>\n<p style=\"padding-left: 40px;\">46 &#8211; Certificate of shares<\/p>\n<p style=\"padding-left: 40px;\">47 &#8211; Voting rights<\/p>\n<p style=\"padding-left: 40px;\">48 &#8211; Variation of shareholders&#8217; rights<\/p>\n<p style=\"padding-left: 40px;\">49 &#8211; Calls on shares of same class to be made on uniform basis<\/p>\n<p style=\"padding-left: 40px;\">50 &#8211; Company to accept unpaid share capital, although not called up<\/p>\n<p style=\"padding-left: 40px;\">51 &#8211; Payment of dividend in proportion to amount paidup<\/p>\n<p style=\"padding-left: 40px;\">52 &#8211; Application of premiums received on issue of shares<\/p>\n<p style=\"padding-left: 40px;\">53 &#8211; Prohibition on issue of shares at discount<\/p>\n<p style=\"padding-left: 40px;\">54 &#8211; Issue of sweat equity shares<\/p>\n<p style=\"padding-left: 40px;\">55 &#8211; Issue and redemption of preference shares<\/p>\n<p style=\"padding-left: 40px;\">56 &#8211; Transfer and transmission of securities<\/p>\n<p style=\"padding-left: 40px;\">57 &#8211; Punishment for personation of shareholder<\/p>\n<p style=\"padding-left: 40px;\">58 &#8211; Refusal of registration and appeal against refusal<\/p>\n<p style=\"padding-left: 40px;\">59 &#8211; Rectification of register of members<\/p>\n<p style=\"padding-left: 40px;\">60 &#8211; Publication of authorised, subscribed and paid-up capital<\/p>\n<p style=\"padding-left: 40px;\">61 &#8211; Power of limited company to alter its share capital<\/p>\n<p style=\"padding-left: 40px;\">62 &#8211; Further issue of share capital<\/p>\n<p style=\"padding-left: 40px;\">63 &#8211; Issue of bonus shares<\/p>\n<p style=\"padding-left: 40px;\">64 &#8211; Notice to be given to Registrar for alteration of share capital<\/p>\n<p style=\"padding-left: 40px;\">65 &#8211; Unlimited company to provide for reserve share capital on conversion into limited company<\/p>\n<p style=\"padding-left: 40px;\">66 &#8211; Reduction of share capital<\/p>\n<p style=\"padding-left: 40px;\">67 &#8211; Restrictions on purchase by company or giving of loans by it for purchase of its shares<\/p>\n<p style=\"padding-left: 40px;\">68 &#8211; Power of company to purchase its own securities<\/p>\n<p style=\"padding-left: 40px;\">69 &#8211; Transfer of certain sums to capital redemption reserve account<\/p>\n<p style=\"padding-left: 40px;\">70 &#8211; Prohibition for buy-back<\/p>\n<p style=\"padding-left: 40px;\">71 &#8211; Debentures<\/p>\n<p style=\"padding-left: 40px;\">72 &#8211; Power to nominate<\/p>\n<p style=\"padding-left: 40px;\">73 &#8211; Prohibition on acceptance of deposits from public<\/p>\n<p style=\"padding-left: 40px;\">74 &#8211; Repayment of deposits, etc accepted before act<\/p>\n<p style=\"padding-left: 40px;\">75 &#8211; Damages for fraud<\/p>\n<p style=\"padding-left: 40px;\">76 &#8211; Acceptance of deposits from public by certain companies<\/p>\n<p style=\"padding-left: 40px;\">77 &#8211; Duty to register charges, etc<\/p>\n<p style=\"padding-left: 40px;\">78 &#8211; Application for registration of charge<\/p>\n<p style=\"padding-left: 40px;\">79 &#8211; Section 77 to apply in certain matters<\/p>\n<p style=\"padding-left: 40px;\">80 &#8211; Date of notice of charge<\/p>\n<p style=\"padding-left: 40px;\">81 &#8211; Register of charges to be kept by Registrar<\/p>\n<p style=\"padding-left: 40px;\">82 &#8211; Company to report satisfaction of charge<\/p>\n<p style=\"padding-left: 40px;\">83 &#8211; Power of Registrar to make entries of satisfaction and release in absence of intimation from company<\/p>\n<p style=\"padding-left: 40px;\">84 &#8211; Intimation of appointment of receiver or manager<\/p>\n<p style=\"padding-left: 40px;\">85 &#8211; Company&#8217;s register of charges<\/p>\n<p style=\"padding-left: 40px;\">86 &#8211; Punishment for contravention<\/p>\n<p style=\"padding-left: 40px;\">87 &#8211; Rectification by Central Government in register of charges<\/p>\n<p style=\"padding-left: 40px;\">88 &#8211; Register of members, etc<\/p>\n<p style=\"padding-left: 40px;\">89 &#8211; Declaration in respect of beneficial interest<\/p>\n<p style=\"padding-left: 40px;\">90 &#8211; Investigation of beneficial ownership of shares in certain cases<\/p>\n<p style=\"padding-left: 40px;\">91 &#8211; Power to close register of members or debenture holders or other security holders<\/p>\n<p style=\"padding-left: 40px;\">92 &#8211; Annual return<\/p>\n<p style=\"padding-left: 40px;\">93 &#8211; Return to be filed with Registrar in case promoters&#8217; stake changes<\/p>\n<p style=\"padding-left: 40px;\">94 &#8211; Place of keeping and inspection of registers, returns, etc<\/p>\n<p style=\"padding-left: 40px;\">95 &#8211; Registers, etc, to be evidence<\/p>\n<p style=\"padding-left: 40px;\">96 &#8211; Annual general meeting<\/p>\n<p style=\"padding-left: 40px;\">97 &#8211; Power of Tribunal to call annual general meeting<\/p>\n<p style=\"padding-left: 40px;\">98 &#8211; Power of Tribunal to call meetings of members, etc<\/p>\n<p style=\"padding-left: 40px;\">99 &#8211; Punishment for default in complying with provisions of sections 96 to 98<\/p>\n<p style=\"padding-left: 40px;\">100 &#8211; Calling of extraordinary general meeting<\/p>\n<p style=\"padding-left: 40px;\">101 &#8211; Notice of meeting<\/p>\n<p style=\"padding-left: 40px;\">102 &#8211; Statement to be annexed to notice<\/p>\n<p style=\"padding-left: 40px;\">103 &#8211; Quorum for meetings<\/p>\n<p style=\"padding-left: 40px;\">104 &#8211; Chairman of meetings<\/p>\n<p style=\"padding-left: 40px;\">105 &#8211; Proxies<\/p>\n<p style=\"padding-left: 40px;\">106 &#8211; Restriction on voting rights<\/p>\n<p style=\"padding-left: 40px;\">107 &#8211; Voting by show of hands<\/p>\n<p style=\"padding-left: 40px;\">108 &#8211; Voting through electronic means<\/p>\n<p style=\"padding-left: 40px;\">109 &#8211; Demand for poll<\/p>\n<p style=\"padding-left: 40px;\">110 &#8211; Postal ballot<\/p>\n<p style=\"padding-left: 40px;\">111 &#8211; Circulation of members&#8217; resolution<\/p>\n<p style=\"padding-left: 40px;\">112 &#8211; Representation of President and Governors in meetings<\/p>\n<p style=\"padding-left: 40px;\">113 &#8211; Representation of corporations at meeting of companies and of creditors<\/p>\n<p style=\"padding-left: 40px;\">114 &#8211; Ordinary and special resolutions<\/p>\n<p style=\"padding-left: 40px;\">115 &#8211; Resolutions requiring special notice<\/p>\n<p style=\"padding-left: 40px;\">116 &#8211; Resolutions passed at adjourned meeting<\/p>\n<p style=\"padding-left: 40px;\">117 &#8211; Resolutions and agreements to be filed<\/p>\n<p style=\"padding-left: 40px;\">118 &#8211; Minutes of proceedings of general meeting, meeting of Board of Directors and other meeting and resolutions passed by postal ballot<\/p>\n<p style=\"padding-left: 40px;\">119 &#8211; Inspection of minute books of general meeting<\/p>\n<p style=\"padding-left: 40px;\">120 &#8211; Maintenance and inspection of documents in electronic form<\/p>\n<p style=\"padding-left: 40px;\">121 &#8211; Report on annual general meeting<\/p>\n<p style=\"padding-left: 40px;\">122 &#8211; Applicability of this Chapter to One Person Company<\/p>\n<p style=\"padding-left: 40px;\">123 &#8211; Declaration of dividend<\/p>\n<p style=\"padding-left: 40px;\">124 &#8211; Unpaid Dividend Account<\/p>\n<p style=\"padding-left: 40px;\">125 &#8211; Investor Education and Protection Fund<\/p>\n<p style=\"padding-left: 40px;\">126 &#8211; Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of shares<\/p>\n<p style=\"padding-left: 40px;\">127 &#8211; Punishment for failure to distribute dividends<\/p>\n<p style=\"padding-left: 40px;\">128 &#8211; Books of account, etc, to be kept by company<\/p>\n<p style=\"padding-left: 40px;\">129 &#8211; Financial statement<\/p>\n<p style=\"padding-left: 40px;\">130 &#8211; Reopening of accounts on court&#8217;s or Tribunal&#8217;s orders<\/p>\n<p style=\"padding-left: 40px;\">131 &#8211; Voluntary revision of financial statements or Board&#8217;s report<\/p>\n<p style=\"padding-left: 40px;\">132 &#8211; Constitution of National Financial Reporting Authority<\/p>\n<p style=\"padding-left: 40px;\">133 &#8211; Central Government to prescribe accounting standards<\/p>\n<p style=\"padding-left: 40px;\">134 &#8211; Financial statement, Board&#8217;s report, etc<\/p>\n<p style=\"padding-left: 40px;\">135 &#8211; Corporate Social Responsibility<\/p>\n<p style=\"padding-left: 40px;\">136 &#8211; Right of member to copies of audited financial statement<\/p>\n<p style=\"padding-left: 40px;\">137 &#8211; Copy of financial statement to be filed with Registrar<\/p>\n<p style=\"padding-left: 40px;\">138 &#8211; Internal audit<\/p>\n<p style=\"padding-left: 40px;\">139 &#8211; Appointment of auditors<\/p>\n<p style=\"padding-left: 40px;\">140 &#8211; Removal, resignation of auditor and giving of special notice<\/p>\n<p style=\"padding-left: 40px;\">141 &#8211; Eligibility, qualifications and disqualifications of auditors<\/p>\n<p style=\"padding-left: 40px;\">142 &#8211; Remuneration of auditors<\/p>\n<p style=\"padding-left: 40px;\">143 &#8211; Powers and duties of auditors and auditing standards<\/p>\n<p style=\"padding-left: 40px;\">144 &#8211; Auditor not to render certain services<\/p>\n<p style=\"padding-left: 40px;\">145 &#8211; Auditor to sign audit reports, etc<\/p>\n<p style=\"padding-left: 40px;\">146 &#8211; Auditors to attend general meeting<\/p>\n<p style=\"padding-left: 40px;\">147 &#8211; Punishment for contravention<\/p>\n<p style=\"padding-left: 40px;\">148 &#8211; Central Government to specify audit of items of cost in respect of certain companies<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>INTERNAL FINANCIAL CONTROL SYSTEMS- COMPANIES ACT 2013 Vide Section 143 (3)(i) of the Companies Act, 2013 the Auditor is required to be report as follows:- &#8220;Whether the company has adequate internal financial controls system and the operating effectiveness of such controls\u201d. However, vide notification dated 14.10.14 the reporting requirement under this clause has been made &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,1],"tags":[3093,3091,3090,3092,3089],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/191"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=191"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/191\/revisions"}],"predecessor-version":[{"id":25888,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/191\/revisions\/25888"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}