Mukesh brought loan from world bank(CEO: CIBIN) $50000000 as and when he borrowed foregin exchange rates(AS-11) came down. after 5 years business incurred losses at same time world bank pressure to repay the loan so he have no option he approached our H'nble PM ARVIND for Grants (AS-12). Even then his debt not cleared so he started a new company for public Investments(AS-13) but public know his cunning nature he didnt got any investments.Then he approached his brother Anil to Amalgamate(AS-14) with his companies. Employees stopped working because they came to know that their bonus will not come if amalgamation happens so Anil has to provided some benefits to employees(AS-15) for that he borrowed(AS-16) money from his friends because lack of liquid funds. After all this issue Anil approached CSS for Segment Reporting(AS-17) by analyzing the segment reporting they came to know that Related Parties(AS-18) playing key roles for incurring the losses so Anil stopped giving leases(AS-19) to related parties. Gradually business got profits and Earings Per Share(AS-20) increased
CA – Compliance and Advisory Action Points All companies (Imp to Pvt Companies)
CA – Compliance and Advisory Action Points Listed Companies
Appointment of Subsequent Auditor
Though the auditor will be appointed for five years, the matter relating to such appointment will be placed for ratification at each AGM.
If no auditor is appointed/re-appointed at the AGM, the existing auditor will continue to be the auditor of the company. [224(3) has therefore been removed. No Power to the CG now]
Rule 10.3 says For the purposes of this rule, it is hereby clarified that, if the appointment is not ratified by the members of the company, the Board of Directors shall appoint another individual or firm as its auditor or auditors
ROTATION RULE – Transitional Period of 3 Years OR Remaining period of Block of 5 yrs/ 10 yrs as the case maybe Whichever is LONGER
Number of consecutive years for which an individual auditor has been functioning as auditor in the same company [in the first AGM held after the commencement of provisions of section 139(2)]
Maximum number of consecutive years for which he may be appointed in the same company (including transitional period)
Aggregate period which the auditor would complete in the same company in view of column I and II
IIIIII
5 years (or more than 5 years)3 years8 years or more
4 years3 years7 years
3 years3 years6 years
2 years3 years5 years
1 year4 years5 years
The auditor appointed under rule 3 shall submit a certificate that –
(a) the individual or the firm, as the case may be, is eligible for appointment and is not disqualified for appointment under the Act, the Chartered Accountants Act, 1949 and the rules or regulations made thereunder;
(b) the proposed appointment is as per the term provided under the Act;
(c) the proposed appointment is within the limits laid down by or under the authority of the Act;
(d) 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
Prohibited Services
Under the Companies Act 2013, an auditor will be allowed to provide only such other services to the company as are approved by its board or audit committee, However, the auditor is not aIlowed to render the following services either directly or indirectly to the company, its holding or subsidiary company:
Accounting and book keeping services
Internal audit
Design and implementation of any financial information system
Actuarial services
Investment advisory services
Investment banking services
Rendering of outsourced financial services
Management services
Any other kind of services as may be prescribed
2. In case of an audit firm, the above restrictions also apply to rendering of service by:
Audit firm itself
All of its partners Its parent,
subsidiary or associate entity Any other entity in which the firm or any of its partner has significant influence/ control, or
whose name/trade mark/brand is used by the firm or any of its partners
FOR FURTHER ACTION POINTS DOWNLOAD THE PDF & WATCH VIDEO CLASS OF THE PUNARVAS JAYAKUMAR (PJ)
HI FRIENDS NOW FIND CA FINAL PREVIOUS YEAR QUESTION PAPERS FROM MAY-2010 TO MAY-2014 AT ONE PLACE MISTAKES BY STUDENTS IN CA EXAM HALL (OR) BEFORE EXAMS ATTEMPTING CA EXAMS " CA-FINAL" 1.Thinking
thatIclearedcptandipccinfirstattempt. What CA Final can make
difference from the both (over confidence)
2.FEELING TENSE IN EXAM HALL IN FIRST PAPER (FR). 3.READING
READING READING....... 12 HRS , 14 HRS. Then we can read only question paper in
the exam hall but not able to write (only for practical papers). So
friends practice as much as possible - by SHEETY SIR
4.BUNKING TO CLASSES Ex: As per my friend thoughts iam giving this example
In one of the ca exam 1 question where XYZ PARTNERSHIP FIRM. normally all will think as and when they see XYZ strickes to mind is company. if it is a firm interest, profit sharing ratio etc will be given in question. But no such thing they asked the question on family planning. then our hero got strike that sir made fun in class related to family planning. it is applicable only to companies.
Y I Said above example because if we attend classes reguarly half of the syllabus we can cover by listening classes
5.After writing 1st paper and leaving the rest of the papers with impression that not attempted well in 1st paper lets try in next attempt
6.BE 100% In Every aspect. normally we all practice problems by looking the steps not presenting them in paper. so while practice do it on paper not in air
we will come with some more mistakes and suggestions how to enjoy CA please find the previous year question papers in below links GROUP-1
