PPT: Audit and Auditors | Auditing and Ethics for CA Intermediate PDF Download

 Page 3


The Companies Act, 2013, enacted on 29
th
August, 2013
on accord of Hon’ ble Pre si d ent’s assent, has the
potential to be historic milestone, as its aim to improve
corporate governance, simplify regulations, and enhance
the interests of investors. The new law was replaced
nearly 60-year-old Companies Act, 1956.
Page 4


The Companies Act, 2013, enacted on 29
th
August, 2013
on accord of Hon’ ble Pre si d ent’s assent, has the
potential to be historic milestone, as its aim to improve
corporate governance, simplify regulations, and enhance
the interests of investors. The new law was replaced
nearly 60-year-old Companies Act, 1956.
Companies Act, 2013 contains follows :
• Chapter  I to XXVII
• The Act has 470 sections
• It applies to the whole of India
Page 5


The Companies Act, 2013, enacted on 29
th
August, 2013
on accord of Hon’ ble Pre si d ent’s assent, has the
potential to be historic milestone, as its aim to improve
corporate governance, simplify regulations, and enhance
the interests of investors. The new law was replaced
nearly 60-year-old Companies Act, 1956.
Companies Act, 2013 contains follows :
• Chapter  I to XXVII
• The Act has 470 sections
• It applies to the whole of India
Chapter X contain following :
? Appointment of Auditors.
? Removal, resignation of auditors and special notice. 
? Eligibility, quality and disqualifications of Auditors.
? Remuneration of auditors.
? Powers and duties of auditors and ASs.
? Restrictions on certain services.
? Auditors to sign  audit reports.
? Attend general meeting 
? Punishment for contravention.
? CG to specify audit of item of cost in respect of certain companies.