Embedded Files
Introduction
A review engagement is based mainly on analytical procedures and inquiries conducted by the auditor. On general terms it can be defined as quarterly audit of financial statements, where there is no opinion given by the auditor.
Applicability
Every company listed in SEBI and entities whose account are to be consolidated with listed entities under the clause 41 of the listing agreement is required to furnish unaudited financial results in the prescribed format within 45 days of the end of the respective quarter to concerned stock exchange
Difference from Audit
Scope of limited review is narrow when compared with full-fledged audit.
In audit, auditor gives opinion,whereas in review, the reviewer just state that he has not noticed or noticed any point due to which he found financial statement to be misstated.
In audit, reasonable assurance is given by the auditor where as in case of limited review only statement is given by the reviewer.
Procedure
General procedure to be followed:
The auditor and client must agree on the engagement terms regarding the scope and extent of agreement
Understand the nature and environment of the entity, accounting procedures followed and internal control of the company.
On the basis of information collected and after assessing the risk involved, the auditor will perform the various actions.
Any misstatement observed by the auditor, he must assess the value of that misstatement on the financial result.
Lastly the auditor will communicate regarding any substantial misstatement to the management and if the management does not respond within the provided timeframe, then provide his statement accordingly.
Consequences of non-compliance
In case of non-compliance for the first time, fine payable of Rs 5000/- per day after the last of submission till the date of compliance. And if non-compliance exceed 15 days, then additional fees of 0.1% of Paid up capital of entity or Rs 1crore whichever is less
In case of subsequent non-compliance, fine payable of Rs 10000/- per day after the last of submission till the date of compliance. And if non-compliance exceed 15 days, then additional fees of 0.1% of Paid up capital of entity or Rs 1crore whichever is less.
Feel free to contact us at - info@AeTx.com
Whatsapp Now : +91 9810555783
Call us now : +919810555783
Below is our related blog article you may like to read on.
Google us with below tag Online
Top services for special audit in Gurgaon, Best Chartered accountant for limited review audits in India, CA for special audit in gurgaon, best ca for special audit services in gurgaon, help on special audit in gurgaon, chartered accountant for special audit services in gurgoan, CA for special audit in India, Indian special audit services, information on Indian special audit services, help on special audits in India, Best Chartered accountant for special audit in India,Top services for limited review audit in Gurgaon, CA for limited review audit in Delhi, best ca for limited review audit services in gurgaon, help on limited review audit in gurgaon, chartered accountant for limited review audit services in gurgoan, CA for limited review audit in India, Indian limited review audit services, help on limited review audits in India,
Google Sites
Report abuse