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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Auditor's Report Order Enforced; Leniency for Compliance Until Dec 31, 2003; Strict Rules from Jan 1, 2004.</h1> The Companies (Auditor's Report) Order, 2003, effective from July 1, 2003, replaces the 1988 Order. The government acknowledges challenges in immediate compliance due to the lack of guidance from the Institute of Chartered Accountants of India and record-keeping requirements. While the Order cannot be postponed, leniency will be shown for non-compliance for financial years ending December 31, 2003, or earlier, provided the accounts include the MAOCARO report if necessary. From January 1, 2004, strict adherence to the new Order is mandatory. Non-compliance will result in legal action. The circular is communicated to relevant authorities and associations.
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