Internal financial controls wording changed to focus on controls tied to financial statements and auditor qualification text streamlined. The amendment revises specified provisions of the Companies (Audit and Auditors) Rules, omitting an explanation and the proviso to rule 3 and deleting rule 9, substitutes the phrase internal financial controls with reference to financial statements for the prior phrasing of internal controls in rule 10A, and amends rule 14 to replace 'who is a cost accountant in practice' with 'who is a cost accountant' in two sub-clauses, thereby altering textual qualifications for cost accountants in auditor-related provisions.
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Provisions expressly mentioned in the judgment/order text.
Internal financial controls wording changed to focus on controls tied to financial statements and auditor qualification text streamlined.
The amendment revises specified provisions of the Companies (Audit and Auditors) Rules, omitting an explanation and the proviso to rule 3 and deleting rule 9, substitutes the phrase internal financial controls with reference to financial statements for the prior phrasing of internal controls in rule 10A, and amends rule 14 to replace "who is a cost accountant in practice" with "who is a cost accountant" in two sub-clauses, thereby altering textual qualifications for cost accountants in auditor-related provisions.
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