The report has considered
the certain changes as prescribed by Institute of Chartered Accountants of
India (ICAI) consequent to notification of certain sections under Companies
Act, 2013. Highlighted the changes introduced in blue for your
reference :-
Independent Auditors’ Report
TO THE MEMBERS OF ABC LIMITED
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of ABC
Limited (the Company), which comprise the Balance Sheet as at March
31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant accounting
policies and other explanatory information.
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company’s Management is responsible for the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance
with the Accounting Standards notified under the Companies Act, 1956
(the Act) read with the General
Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting
principles generally accepted in India. This responsibility includes the
design, implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or
error.
AUDITORS’ RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance with the
Standards on Auditing issued by the Institute of Chartered Accountants of
India. Those Standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the Company’s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting estimates
made by management, as well as evaluating the overall presentation of the
financial statements.We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of
the Company as at March 31, 2014;
(b) In the case of the Statement of Profit and Loss,
of the profit of the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of
the Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor’s Report) Order, 2003
(the Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law
have been kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with
Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of Section 133
of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2014, from being appointed as
a director in terms of Section 274(1)(g) of the Act.
For ABC & Co Ltd.
Chartered Accountants
(Firm Registration No. 000000W)
ABC
Partner
Membership No.: 000000
Place
Date :
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