ICAI issues an implementation guide for auditor's reporting requirements on Specified Bank Notes post demonetisation
The Ministry of Corporate Affairs (MCA) through its notification dated 30 March 2017 issued the following:
The above notifications are applicable from 30 March 2017.
In light of the above, the Institute of Chartered Accountants of India (ICAI) has published an Implementation Guide (IG) on 15 April 2017 to provide guidance in respect of additional disclosure in the Schedule III to the 2013 Act and new Rule 11(d) of the Companies (Audit and Auditors) Amendment Rules (as explained above). The IG contains the following sections:
This issue of First Notes provides an overview of the IG issued by the ICAI for auditor’s reporting requirements on the SBN.
To access the text of the IG issued by the ICAI, please click here.
© 2020 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.