Branch audit exemption: central government may exempt branch offices where alternative scrutiny or practical constraints justify conditional relief. The Central Government may exempt a company's branch office from the statutory audit requirement where it is satisfied that there are satisfactory arrangements for regular scrutiny by a competent person, that the branch can be audited by an otherwise qualified employee, that a branch auditor is not reasonably available given the branch's nature or scale, or for any other sufficient reason. Exemptions are subject to the extent, period and conditions specified in the order, must be communicated to the company auditor and read at the next general meeting, and do not displace the company auditor's statutory rights over branch accounts.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Branch audit exemption: central government may exempt branch offices where alternative scrutiny or practical constraints justify conditional relief.
The Central Government may exempt a company's branch office from the statutory audit requirement where it is satisfied that there are satisfactory arrangements for regular scrutiny by a competent person, that the branch can be audited by an otherwise qualified employee, that a branch auditor is not reasonably available given the branch's nature or scale, or for any other sufficient reason. Exemptions are subject to the extent, period and conditions specified in the order, must be communicated to the company auditor and read at the next general meeting, and do not displace the company auditor's statutory rights over branch accounts.
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