There would be applicability of multiple companies Act (1956 & 2013) at the time of preparation of financial reports and conducting audits.
MCA & ICAI has issued following clarifications regarding applicability of the Act and format etc.
- General Circular No 8 of 2014 – Format of balance sheets & audit Report for the FY ending on 31.3.2014 will be as per provisions of 1956 ACT http://www.mca.gov.in/Ministry/pdf/General_Circular_8_2014.pdf
- General Circular No 15 of 2013 (Para III) – accounting standards notified under 1956 ACT will continue to apply till new standards will be notified under companies act 2013 http://www.mca.gov.in/Ministry/pdf/General_Circular_15_2013.pdf.pdf
- Companies (cost records and audit) Rules, 2014 effective from 30.6.2014 – For checking applicability of maintenance of Cost Audit &/or Cost Audit by the Companies http://www.mca.gov.in/Ministry/pdf/rules_2_30062014.pdf
- Also refer the ICAI announcement on draft of audit report and relevant insertion regarding accounting standards.
Further Note that intimation of appointment of Auditors after 1.4.2014 is to be made by the Company with MCA within 15 days of AGM.
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