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06/02/2017

Ministry of Corporate Affairs ( MCA ) , vide notification dated 29th December , 2016 , has issued an amended rules for incorporation .
http://www.mca.gov.in/ministry/pdf/5th_Amendment_rules_29122016.pdf

12/05/2016

Section 147 : Penalty

Penalty w.r.t to contravention of Section 139 to 146 :

Company : Rs. 25,000 to Rs. 5,00,000

Officer in Default : Rs. 10,000 to Rs. 1,00,000 or imprisonment upto 1 year or both

Auditor (Sec 139, 143, 144, 145) : Rs.25000 to Rs. 5,00,000

08/05/2016

Conditions and Eligibility Criteria for Appointment of Auditors

The Auditor appointed by the Members or by the Board as the case may be, shall submit a certificate stating that

i. he is eligible for appointment and is not disqualified for appointment under the Companies Act, 2013, the chartered Accountants Act, 1949 and the rules and regulations made there under.
ii. The proposed appointment is asper the terms provided under the Act.

Note: Section 141 and rule 10 list out the eligibility criteria for the Auditors and Section 144 list out services that he should not render either directly or indirectly while serving as Auditor

iii. the proposed appointment is within the specified limits laid under the Act.

iv. the list of proceedings against the Auditor or Audit firm or any partner of the Audit firm pending with respect to professional matters of conduct as disclosed in the certificate is true and correct.

01/05/2016

Sec.448 - Punishment for the false statement :
One of the very important provision for the practicing professionals like CA , CS and CMAs who do precertification work and attestation / audit assignments .

Sec.448 says that , if in any return , report , certificate , financials statements , prospectus , statement or other documents required by or for , the purpose of any of the provisions of this 2013 Act or rule made there under , any person makes a statement _

a) which is false in any material particulars , knowing it to be false , or

b) which omits any material fact , knowing it to be material ,

then such person shall be punishable with imprisonment for a term not less than 6 months but it can be extended to 10 years and shall also be liable to fine which shall not be less than the amount involved in the fraud .

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