Internal financial controls clarification narrows control focus and expands entity coverage under revised audit provisions. Amendment of section 143 expands coverage from subsidiaries to both subsidiaries and associate companies, replaces the phrase 'internal financial controls system' with 'internal financial controls with reference to financial statements' to focus controls on financial reporting, and substitutes the term 'cost accountant in practice' with 'cost accountant' in the relevant clause.
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Provisions expressly mentioned in the judgment/order text.
Internal financial controls clarification narrows control focus and expands entity coverage under revised audit provisions.
Amendment of section 143 expands coverage from subsidiaries to both subsidiaries and associate companies, replaces the phrase "internal financial controls system" with "internal financial controls with reference to financial statements" to focus controls on financial reporting, and substitutes the term "cost accountant in practice" with "cost accountant" in the relevant clause.
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