EXEMPTION FROM REPORTING INTERNAL FINANCIAL CONTROL IN AUDITOR REPORT FOR F.Y 2016-17 FOR PRIVATE COMPANIES WHO HAS GOT EXEMPTION VIDE NOTIFICATION DATED 13TH JUNE 2017

[deepak gulati]

PLEASE ADVISE WHETHER AUDITOR WILL GET EXEMPTION FROM REPORTING ON IFC ON THEIR AUDITOR REPORT FOR F.Y 2016-­17 OF COMPANIES WHO HAS GOT EXEMPTION VIDE NOTIFICATION DATED 13 JUNE 2017 U/S 143 OF COMPANIES ACT 2013 MERELY ON THE GROUND THAT THEY ARE SIGNING AUDITOR REPORT ON OR AFTER 13 JUNE 2017.

[DR.MARIAPPAN GOVINDARAJAN]

Whether you have got cleared in the above query. If not please inform.

AI Summary

Exemption from reporting internal financial control: timing of auditor's signature may not alone relieve reporting obligations under Companies Act. Whether auditors may omit reporting on internal financial control for FY 2016-17 turns on an exemption granted to certain private companies by a notification dated 13 June 2017 and whether that exemption applies solely because the auditor signs the report on or after the notification date, thereby affecting the auditor's statutory reporting obligation under the Companies Act reporting framework.