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of <h1>New Auditor Reporting Requirements u/s 143: Address Assets, Loans, Compliance, and More for Companies Act Compliance.</h1> The Companies (Auditor's Report) Order, 2016, issued by the Ministry of Corporate Affairs, mandates specific reporting requirements for auditors under section 143 of the Companies Act, 2013. It applies to all companies except certain exempt categories like banking, insurance, and small companies. Auditors must include statements on the maintenance and verification of fixed assets, inventory, loans, statutory dues, and compliance with various provisions of the Companies Act. Reports must address any defaults, frauds, managerial remuneration, and related party transactions. If any answers are unfavorable or qualified, auditors must provide reasons, and if unable to express an opinion, they must explain why.
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