Important Considerations for audit report on financial statement for the year ended March 31, 2018
As the financial year 2017-18 end is approaching, auditors are geared for performing audit procedures for issuance of the audit report on the financial statements of the auditess. Objective of this article is to bring out certain important consideration to be made while reporting on these financial statements. 1) Reporting on Specified Bank Notes (SBNs) (In main audit report): By way of the MCA notification, companies were required to make disclosures related to the SBN’s in the financial statement for the period ended March 31, 2017. It is to be noted that the provisions stated in Schedule III (Divisions I and II) to the Companies Act, 2013, and Rule 11(d) of the Companies (Audit and Auditors) Rule 2014 have not yet been withdrawn . Consequently, the previous year figures relating to SBNs are required to be given in the financial statements prepared for the financial year ending March 31, 2018. Further, while reporting on the financial statements for the financi