Auditor reporting scope expanded to require detailed related party loan, internal control and tax dispute disclosures. The Order amends auditor reporting obligations by setting quantitative thresholds for private company exemptions; omitting specified clauses in paragraph 2; and revising paragraph 4 to require auditors to disclose detailed information on loans to and from parties in the register under section 301, assess whether loan terms are prima facie prejudicial, report on repayment regularity and recovery steps for overdue amounts, evaluate adequacy of internal controls for purchases, sales and fixed assets, confirm register entries and market reasonableness of related party transactions, broaden referenced statutory forums, and expand tax dispute disclosure requirements.
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Provisions expressly mentioned in the judgment/order text.
Auditor reporting scope expanded to require detailed related party loan, internal control and tax dispute disclosures.
The Order amends auditor reporting obligations by setting quantitative thresholds for private company exemptions; omitting specified clauses in paragraph 2; and revising paragraph 4 to require auditors to disclose detailed information on loans to and from parties in the register under section 301, assess whether loan terms are prima facie prejudicial, report on repayment regularity and recovery steps for overdue amounts, evaluate adequacy of internal controls for purchases, sales and fixed assets, confirm register entries and market reasonableness of related party transactions, broaden referenced statutory forums, and expand tax dispute disclosure requirements.
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