Video #19 - Example of Non-compliance with Schedule III to the Companies Act, 2013

Описание: Example of Non-compliance with Schedule III to the Companies Act, 2013
Components Impacted:
Balance Sheet
The video discusses non-compliance with Schedule III to the Companies Act, 2013. Video with captions can be accessed from the following link on YouTube:    • Video #19 - Example of Non-compliance with...  
A review of financial statements for compliance with #IndAS is beneficial not only for the company or the auditor but also for the investor, lender, employee or supplier of the company. In one of the orders, National Financial Reporting Authority (NFRA) has identified the customer as a stakeholder too.
We recommend that an auditor gets the financial statements reviewed before giving an independent auditor’s report on the same. We also recommend that an investor gets the financial statements of the company in which he / she has invested reviewed to know the level of compliance with applicable accounting standards in company’s financial statements. The review lets you know the degree of reliance you can place on the information in those financial statements.
The review lets you know the degree of reliance you can place on the information in those financial statements enabling you to decide:
1. whether to issue modified audit report as an auditor; and
2. whether to hold on to your investment or to exit at the earliest as an investor.
The review helps to seek answers to observations in the review report from the company as an investor or file complaint with Securities And Exchange Board Of India (SEBI), if not answered.
In our review reports, we rank the financial statements from excellent to poor. Excellent denotes excellent compliance and low financial reporting risk whereas Poor denotes poor compliance and high financial reporting risk.
Excel in Financial Reporting in India
Submit Ind AS financial statements for review by GAAP Advisors to [email protected]
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