Gurukripa s Guideline Answers to Nov 2016 Exam Questions CA Final Advanced Auditing and Professional Ethics Notes: In these Guideline Answers, Page Number References are given from Padhuka s Students Handbook on Advanced Auditing for CA Final. Other Padhuka s Book Page Number References are given with the following abbreviations SA Book means Padhuka s Students Referencer on Standards on Auditing For CA Final Aud Book Means Padhuka s Students Handbook on Advanced Auditing For CA Final Question No.1 is compulsory ( = 20 Marks). Answer any five questions from the remaining six questions (16 = 80 Marks). [Answer any out of in Q.7] Q Question Hint Answer/Reference M 1 1 1 1 2 2 2 2 3 3 3 Mr. Ram, an Auditor, identified some events that cast significant doubt on the Entity s ability to continue as a going concern. What are the additional procedures he should perform as per the related Standard on Auditing? Mr. Mohan, an Auditor of KTEN Limited, wants to use the work of an Expert. With reference to the Standard on Auditing, state the factors which suggest the need for detailed and written agreement between the Auditor and the Auditor s Expert. With reference to the Standards on Auditing, state the examples of Accounting Estimates that may have a high estimation uncertainty. Is it appropriate for the Auditor to make inquiries of Management regarding Management s own assessment of the risk of fraud and the controls in place to prevent and detect it? Discuss. Discuss the relationship between Overall Audit Strategy and Audit Plan. State the considerations on which effectiveness of an efficient system of Internal Check depends. Superior Limited wants to shift its accounting process from Manual to Electronic Medium. Discuss the primary effect of such changes. While adopting the accounts for the year, the Board of Directors of Prima Ltd, decided to consider the Interim Dividend declared at 12% as Final Dividend and did not consider Transfer of Profit to Reserves. As a Statutory Auditor, how would you deal with this? An Auditor observed a Fraud committed by an Employee of the Company. State the manner and timing of reporting of the Fraud by the Auditor. SA 70: See SA Book Page 130, Q.No.7, Answer: See Page 127, Point, SA Para 16, A1, A16, A17, A18] [P RTP, N 10] SA 620: See SA Book Page 10, Q.No.17, Answer: Page 18, SA Para A.2 SA 0: See SA Book Page 112, Q.No. Answer: Page 106, SA Para A.3 SA 20: See SA Book Page 36, Q.No.10, Answer: Page 29, SA Para 17 SA 300: See SA Book Page 2, Q.No.8, Answer: Page 2, SA Para 9, A.1 [P M 11] See Aud Book Page 1.17, Q.No.16 [N 13] Answer: Page 1.7, Para 1.2.9 See Aud Book Page 1.31, Q.No.1 [N 13] Answer: Page 1.1, Para 1.1.1 See Aud Book Page 3.17, Para 3.3.3 Hint: Transfer of Profits to Reserves is not a pre condition for declaration of Results. CA Adroit was indebted to Infructuous (P) Limited for a sum of ` 6,00,000 as on 1 st April 201. However, CA Adroit having come to know that he might be appointed as Auditor of the Company, he squared up the amount on 10 th July 201. Later on, he was appointed as Auditor of the Company for the year ended 31 st March 2016, at the Annual General Meeting held on 16 th July 201. Subsequently, one of the Shareholders complains that the appointment of CA Adroit as an Auditor is invalid because he incurred disqualification u/s 11 of the Companies Act, 2013. Comment. The Auditor of Mould Limited made an adverse statement in his Certificate as the Audit Committee of the Company did not meet four times a year. Discuss few circumstances which require an adverse or qualified statement in the Auditor s Certificate in respect of compliance of the requirements fo Corporate Governance. See Aud Book Page 2.19, Para 2.3.6, Point 8 See Aud Book Page 2.26, Qn.1 [N 07, M 10] Hint: On the date of appointment, i.e. 16 th July, CA.Adroit is not indebted to the Company. Hence, his appointment is valid. See Aud Book Page 17.19, Q.27 Answer: Page 17.17, Para 17..11 Nov 2016.1

Q Question Hint Answer/Reference M 3 6 6 6 CARO 2016 has made several significant changes and has introduced may new reporting requirements vis a vis CARO 201. In view of the above, describe the relevant clause relating to Nidhi Companies compliance with Net Owned Funds to Deposit requirements and the relevant provisions. What audit procedures are to be adopted for verification and reporting on the same? B Ltd is the Subsidiary Company of A Ltd. ABC & Associates has been appointed as Auditor of A Ltd, for the Financial Year 201 201 and XYZ & Associates has been Appointed as Auditor of B Ltd for the year 201 201. Explain the role of ABC & Associates and XYZ & Associates as Auditors of the Parent Company and Subsidiary Respectively. In order to check and prevent the diversion of funds in case of Non Corporate Borrowers, the Lending Bank sometimes obtains Special Report from the Auditor on Quarterly Basis. Describe the details to be given in Special Report in Respect of (i) Operating Data (ii) Inventory (iii) Information in Respect of Other Items What are the obligations of Auditors to submit Exception Report to RBI in case of Non Banking Financial Companies? Under which circumstances can the Central Government appoint the Special Auditor of a Multi State Co Operative Society? Explain the difference between the Proportional Treaties and Non Proportional Treaties. While conducting Audit of a Member of Stock Exchange, what Records / Documents are to be checked by the Auditor with respect to transactions of dematerialized securities? What are the relevant Sections of the Companies Act, 2013 and steps involved in Audit of Government Companies? The Central Government is of the view that there are certain interested Members and Companies who are financially interested in the success or failure of the Company or who have been able to control or to materially influence the policy of the Company. Hence, the Central Government wants to investigate the ownership of the Company. Describe the scope and extent of Investigation by an Investigator / Chartered Accountant on behalf of Central Government under Companies Act, 2013. A Chartered Accountant is liable for disciplinary action u/s 21 of CA Act, 199, if he is found guilty of any Professional or Other Misconduct. Explain the meaning of Other Misconduct with the help of two illustrative examples. Refer Additional Material on CARO 2016 Clause (xii). SA 600: See SA Book Page 139, Q.No.3, Answer Page 137, SA Para 17 [RTP, N 98] See Aud Book Page 22.0, Point 7 See Aud Book Page 12.3, Para 12.1., Point B [Report to RBI] See Aud Book Page 12.17, Q.17 Answer: Page 12.1, Para 12.3., Point 1 See Aud Book Page 9.16, Para 9.3., 9.3.6 See Aud Book Page 11.1, Q.26 Answer: Page 11.12, Para 11.2.10 See Aud Book Page 6.16, Q.No.6 [N 12] Answer: Page 6.3, Para 6.2.2 See Padhuka s Students Handbook on Corporate and Allied Law CA Final, Page 10., Sec. 216 A Member of the Institute shall not accept in a year more than the specified member of Tax Audits u/s AB of the Income Tax Act. Mr. Gaurav is a Partner in M/s XYZ & Co. a Firm of Chartered Accountants with 6 Partners. During the Assessment Year 201 2016, Mr. Gaurav alone had signed 290 Tax Audit Reports consisting of both Corporate and Non Corporate Assessees. Comment. Mr. Z accepted the Statutory Audit of a Sick Unit NCT Limited for the year ending 31.03.201. During the course of Audit it was noticed by the Statutory Auditor that Company s Net Worth was negative for the year ended 31.03.201, and there was also a Liability of Tax Audit fees of `3,000 in favour of the Previous Auditor. Comment. See Aud Book Page 20.71, Q.No.13 [RTP, N 01, N 0] Answer: Page 20.8, Para 20.2.3 See Aud Book Page 20.61, Para 20..1 & Page 10.3, Para 10.1., Point Ceiling Limit. Hint: CA.Gaurav is guilty under Clause 1 Part II of Second Schedule. See Aud Book Page 20.6, Example 3 [N 0] Hint: Clause (1), Part II of Second Schedule. Since NCT Ltd is a Sick Unit (i.e. negative Net Worth), there is no professional misconduct on the part of CA. Z. Nov 2016.2

Q Question Hint Answer/Reference M 6 What are the Fundamental Principles as per Code of Ethics of ICAI? What are the threats involved while complying with the Fundamental Principles? 7 Write short notes on any four of the following: Restrictions of Investments of Funds of a Central Co Operative Society. Requirements of a Risk Management Process / System in a Bank. Trade Credit Insurance Policy and basic requirements of a Trade Credit Insurance Product. Write a short note on Records to be maintained for Related Party Transactions in terms of Cost Audit. Fundamental Principles: See SA Book, Pg 8, SA Para 1, A1, A16 & Aud Book Page 23.1, Point 2. Threats: See Aud Book Page 22.38, Point,. See Aud Book Page 12.17, Q.No.8 [RTP, M 0, 09, 13, 1] Answer: Page 12.8, Para 12.2.1 Point 8 See Aud Book Page 8., Below Point 16 See Aud Book Page 9.19, Q.No.7, Answer: Page 9., Para 9.1.7 See Aud Book Page 7.7, CRA.1. See Note below (e) Objectives of Compilation Engagement. SRS 10: See SA Book Page 27, Q.No.1, Answer: Page 2, SA Para 3, Note: Records w.r.t Related Party Transactions under CRA.1: In respect of Related Party Transactions or Supplies made or Services rendered by a Company to another Company (termed as Related Party Relationship) and vice versa, records shall be maintained showing the contracts entered into, agreements or understanding reached in respect of 1. Purchase and Sale of Raw Materials, Finished Goods, Rendering of Services, Process Materials and Rejected Goods, including Scraps and other related Materials, 2. Utilisation of Plant Facilities, and Technical Know How, 3. Supply of Utilities and any other Services,. Administrative, Technical, Managerial or any other Consultancy Services,. Purchase and Sale of Capital Goods, including Plant and Machinery, 6. Any other payment related to the production of goods or rendering of services under reference. 1. Latest Amendments in Companies Act, 2013 as applicable for CA Final Advanced Auditing and Professional Ethics Subject Notfn/Circular F.No.01/0/2013 CL V dated 1.07.2016 Page 7.6, Para 7.3.1 Amendments in Companies (Cost Records and Audit) Rules 2016 1. Sectors to which Cost Audit applicable amended and notified. 2. Before appointment, the Cost Auditor shall submit a Certificate that the Individual / Firm is eligible for appointment, and is not disqualified under COA 2013, CWA Act, 199, Rules / Regulations thereunder, the Individual / Firm satisfies Sec.11 Criteria to the extent applicable, the proposed appointment is within the limits laid down under COA 2013, the list of proceedings against the Cost Auditor / Firm / Other Partner pending, on professional matters of conduct, is true and correct. 3. Before appointment is made by the Company, the written consent of Cost Auditor / Firm, and Certificate as above shall be obtained.. Removal: Cost Auditor may be removed before the expiry of his term, through a BOD Resolution, after giving a hearing opportunity, and recording the reasons for removal in writing. [Note: Resolution to be enclosed when new Cost Auditor appointment is filed with ROC.]. Resignation: Cost Auditor may resign from such office of the Company. 6. BOD Approval: Before submission to the Cost Auditor for his audit / report, the BOD shall approve the Cost Statements, and all Annexures. They shall be signed by a Director authorized by the BOD. Nov 2016.3

2. 3... Notfn/Circular F.No.01/19/2013 CL V dated 27.07.2016 SO 193(E) dated 01.06.2016 SO 2922(E) dated 12.09.2016 SO 2866(E) dated 0.09.2016 7. Reporting: Cost Auditor shall submit his Report to the BOD within 180 days from the close of the relevant financial year. BOD shall consider and examine the Report, particularly any reservation or qualification therein. 8. Form CRA.: Company s Explanations on the Reservations / Qualifications in the Cost Audit Report to be furnished in XBRL Format. Amendments in Companies (Accounts) Rules, 2013: 1. Page 3.6 Para 3.1.9 3 rd Item Conditions as to Appointment of Internal Auditor: Point 1: Internal Auditor maybe an Individual, Partnership Firm or Body Corporate. Point 3: Chartered/ Cost A/ctant, may or may not be engaged in practice. 2. Page 3.11/3.12 Para 3.2.2 Last Item Consolidated Financial Statement: th Point Manner of Consolidation is modified as under Consolidation of Fin.Stmts shall be as per Schedule III and applicable AS. The above shall not apply to a Company which is a wholly/partly Owned Subsidiary of another Company and all its other Members, including those not otherwise entitled to vote, having been intimated in writing and for which the proof of delivery is available with the Company, do not object to the Company not presenting CFS, is a Company whose Securities are not listed or are not in the process of listing on any Stock Exchange, whether in India or outside India, and its ultimate or any intermediate Holding Company files CFS with the ROC, which are in compliance with the applicable AS. Sec.130,131 Notified: Re Opening of Accounts on Court's or Tribunal's Orders, and Voluntary Revision of Financial Statements or Board's Report See LA.1 below. Amendments in Schedule V Managerial Remuneration Page 3.1, Para 3.3.2, 2 nd Point Section II of Schedule V amended Refer LA.2 below. 1. Sec.12 (1) to () and (6) and Sec.12 (8) to (11) are notified Refer LA.3 below. 2. Investor Education and Protection Fund Authority Rules, 2016 are notified vide GSR 8(E) and GSR 83(E) dated 0.09.2016. 3. However, Manner of Administration of Fund not notified yet. LA.1 Re Opening of A/cs, Voluntary Revision of Board s Report [S.130, 131] LA.1.1 Re opening of Accounts on Courts or Tribunals order [Sec.130] Particulars No Re opening of Financial Statements Grounds for re opening / re Casting Person Eligible to apply for Reopening Order by Court / Tribunal 1. Rule: A Company shall not re open its books of account or not recast its Financial Statements. 2. Exception: Re opening of Books/ Re casting of Financial Statements can be done only if an order is made by a Court or Tribunal. 1. The relevant earlier accounts were prepared in a fraudulent manner, or 2. The affairs of the Company were mis managed during the relevant period, thereby casting a doubt on the reliability of Financial Statements. 1. Central Government, 2. Income Tax Authorities, 3. Securities and Exchange Board of India (SEBI),. Any other Statutory Regulatory Body or Authority, or. Any person concerned. 1. Court or Tribunal shall give notice to above Persons [1 to (not ) above] and shall take into consideration the representations made, if any before passing an order. 2. The accounts so revised or re cast pursuant to the order shall be final. LA.1.2 Voluntary Revision of Financial Statement or Boards Report [S.131] Particulars Grounds for Revision [Sec. 131(1)] If it appears to the Directors of the Company that The Financial Statement of the Company, or Board s Report do not comply with the provisions of Sec. 129 or Sec. 13 Nov 2016.

Particulars Restrictions / Conditions for Revision [Sec. 131(2)] Procedure Power of CG to make Rules [Sec. 131(3)] 1. Revision can be in any of the 3 preceding financial years. 2. Revised Fin.Stmt or Report shall not be prepared or filed more than once in a Financial Year. 3. Reasons for revision of such Financial Statement or Report shall also be disclosed in the Board's report in the relevant financial year in which such revision is being made.. Revision must be restricted / confined as below: If the copies of the previous Fin. Stmt or Report have already been sent out to Members, or delivered to the Registrar, or laid before the Company in General Meeting The revision must be confined to The correction in respect of which the previous Financial Statement or Report do not comply with the provisions of Sec. 129 or Sec. 13, and The making of any necessary consequential alternation. 1. The Company shall apply to the Tribunal for its approval. 2. Tribunal shall give notice to the Central Government, and Income Tax Authorities, and shall take into consideration the representations, if any, made. 3. Tribunal shall pass an order thereon.. A copy of the Tribunal s order shall be filed with the ROC.. Board shall effect the revision in Financial Statement / Report as per above order. Central Government may make Rules as to the application of the Act in relation to Revised Financial Statement or a Revised Director's Report, covering the following 1. make different provisions according to which the previous Financial Statement or Report are replaced or are supplemented by a document indicating the corrections to be made, 2. make provisions with respect to the functions of the Company's Auditor in relation to the Revised Financial Statement or Report, 3. require the Directors to take such steps as may be prescribed. LA.2 Schedule V Section II SECTION II: Remuneration Payable by Companies having no profit or Inadequate Profit without Central Government approval: Where in any financial year during the currency of tenure of a Managerial Person, a Company has no profits or its profits are inadequate, it may, without Central Government approval, pay remuneration to the Managerial Person not exceeding the limits under (A) and (B) given below (A) BASED ON EFFECTIVE CAPITAL: Where the Effective Capital is Remuneration Payable p.a. shall not exceed Negative or less than ` Crores ` 60 Lakhs ` Crores and above but less than ` 100 Crores ` 8 Lakhs ` 100 Crores and above but less than ` 20 Crores ` 120 Lakhs ` 20 Crores and above ` 120 Lakhs + 0.01% of the Effective Capital in excess of ` 20 Crores Note: Above limits shall be doubled if the resolution passed by the Shareholders is a Special Resolution. For a period less than 1 year, the limits shall be pro rated. (B) BASED ON KNOWLEDGE/ NO INTEREST IN CAPITAL, etc.: In case of a Managerial Person who is functioning in a Professional Capacity, no approval of Central Government is required, if such Managerial Person is not having any interest in the Capital of (i) the Company, or (ii) its Holding Company, or (iii) any of its Subsidiaries directly or indirectly or through any other Statutory Structures, and not having any, direct or indirect interest or related to the Directors or Promoters of the Company or its Holding Company or any of its Subsidiaries at any time during the last 2 years before or on or after the date of appointment, and possesses Graduate Level Qualification, with expertise and specialised knowledge in the field in which the Company operates. Note: Any Employee of a Company holding Shares of the Company not exceeding 0.% of its Paid Up Share Capital under any scheme formulated for allotment of Shares to such Employees including ESOP or by way of qualification shall be deemed to be a person not having any interest in the Capital of the Company. Nov 2016.

The limits specified under (A) and (B) shall apply, if 1. Approval by Board / Committee: Payment of Remuneration is approved by a resolution passed by the Board and, in the case of a Company covered u/s 178(1) also by the Nomination and Remuneration Committee. 2. No default in Debts: The Company has not made any default in repayment of any of its Debts (including Public Deposits) or Debentures or interest payable thereon for a continuous period of 30 days in the preceding financial year before the date of appointment of such Managerial Person. [Note: In case of a default, the Company obtains prior approval from Secured Creditors for the proposed Remuneration and the fact of such prior approval having been obtained is mentioned in the Explanatory Statement to the Notice convening the General Meeting.] 3. Special Resolution: A Special Resolution has been passed at the General Meeting of the Company for payment of remuneration for a period not exceeding 3 years.. Notice: A Statement along with a Notice calling the General Meeting referred in Point 3 above, is given to the Shareholders containing I. General Information, II. Information about the Appointee, III. Other Information, IV. Disclosures. LA.3 Unpaid Dividend, Investor Education & Protection Fund [S.12,12] LA.3.1 Unpaid Dividend Account [Sec.12] Dividends should be paid within 30 days of declaration. The procedure in relation to Unpaid / Unclaimed Dividend is laid down in Sec.12. Aspect 1. Transfer to Special Account 2. Interest 3. Notice in Website. Claim. Transfer to IEPF 6. State ment to IEPFA 7. Contra vention Where a Dividend has been declared by a Company but has not been paid / claimed within 30 days from the date of the declaration, to any Shareholder entitled to the payment of the Dividend, the Company shall transfer the Total Amount of Dividend which remains unpaid /unclaimed to a Special Account. Transfer to the Special A/c shall be made within 7 days from the date of expiry of the said 30 days. The Special Account shall be opened by the Company in any Scheduled Bank, and shall be called the Unpaid Dividend Account. In case of default in transferring the Total Amount or any part thereof to the Unpaid Dividend Account, the Company shall pay interest at 12% p,a. on the amount not so transferred. Interest shall be computed from the date of such default. This Interest shall enure to the benefit of the Members of the Company in proportion to the amount remaining unpaid to them. Within 90 days of making the transfer to the Unpaid Dividend Account, the Company shall prepare a Statement containing (i) the Names, (ii) their last known Addresses, and (iii) the Unpaid Dividend to be paid to each person, and place it on (i) the Company s Website, if any, and (ii) on any other website approved by Central Govt. The form, manner and other particulars of that Statement is as prescribed under Rules. Any person claiming to be entitled to any money transferred as above to the Unpaid Dividend Account of the Company may apply to the Company for payment of the money claimed. Situation: Money transferred to the Unpaid Dividend Account of a Company u/s 12 which remains unpaid / unclaimed for a period of 7 years from the date of such transfer. Transfer of Money: Such money, along with interest accrued,if any, shall be transferred by the Company, to the Investor Education and Protection Fund (IEPF) established u/s 12(1). Transfer of Shares: All Shares in respect of which Dividend has not been paid / claimed for 7 consecutive years or more shall be transferred by the Company in the name of IEPF, along with a Statement containing the prescribed details. [See Note below] Any Claimant of Shares transferred above shall be entitled to claim the transfer of shares from IEPF, in accordance with prescribed procedure and on submission of prescribed documents. Note: In case any Dividend is paid or claimed for any year during the said period of 7 consecutive years, the Share shall not be transferred to IEPF. The Company shall send a Statement of the details of such transfer, in Form DIV., to the Authority which administers the IEPF. IEPF Authority shall issue a receipt to the Company as evidence of such transfer. Non compliance with any of the above requirements is punishable with Fine as under Company: Fine Minimum ` Lakh, Maximum ` 2 Lakhs. Every Officer in default: Fine Minimum ` 1 Lakh, Maximum ` Lakhs). Nov 2016.6

LA.3.2 Investor Education and Protection Fund [Sec.12] Aspect 1. Consti tution 2. Credits to IEPF 3. Usage: The Fund shall be utilized as per Rules, for. Claim The Central Government shall establish a Fund to be called the Investor Education and Protection Fund (referred as IEPF). Amount given by Central Government as Grants after due appropriation made by Parliament by law in this behalf for being utilised for the purposes of IEPF, Donations given to the Fund by the Central Government, State Governments, Companies or any other Institution for the purposes of IEPF, Amount in the Unpaid Dividend Account of Companies transferred to the Fund u/s 12(), Amount in the General Revenue Account of the Central Government which had been transferred to that account u/s 20A() of COA 196, (e) Amount lying in the Investor Education and Protection Fund u/s 20C of COA 196, (f) Interest or Other Income received out of Investments made from the Fund, (g) Amount received u/s 38() towards Punishment for Personation for acquisition of Securities, (h) Application Money received by Companies for allotment of any Securities and due for Refund, (i) Matured Deposits with Companies other than Banking Companies, (j) Matured Debentures with Companies, (k) Interest Accrued on the amounts referred to in Clauses (h) to (j), (l) Sale Proceeds of Fractional Shares arising out of issuance of Bonus Shares, Merger and Amalgamation for 7 or more years, (m) Redemption Amount of Preference Shares remaining unpaid or unclaimed for 7 or more years, and (n) Other Prescribed Amounts. Note: Amounts in (h) to (j) above shall form part of the Fund only if it has remained unclaimed and unpaid for 7 years from the date it became due for payment. Refund in respect of Unclaimed Dividends, Matured Deposits, Matured Debentures, the Application Money due for Refund and Interest thereon, Promotion of Investors' Education, Awareness and Protection, Distribution of any disgorged amount among eligible and identifiable applicants for Shares or Debentures, Shareholders, Debenture holders or Depositors who have suffered losses due to wrong actions by any person, as per the orders made by the Court which had ordered disgorgement, Reimbursement of Legal Expenses incurred in pursuing Class Action Suits u/s 37 and 2 by Members, Debenture holders or Depositors as may be sanctioned by NCLT, and (e) Any other purpose incidental thereto. Note: Disgorged Amount refers to the amount received through disgorgement or disposal of Securities. Any person claiming to be entitled to the amount referred above [i.e. Credits to the Fund] may apply to the IEPF Authority for the payment of the money claimed. LA.8.3 Investor Education and Protection Fund Authority [Sec.12] Aspect 1. Consti tution 2. Rules 3. Power to spend. Accounts. Audit 6. Report The Central Government shall constitute an Authority [IEPFA] for administration of IEPF. IEPFA shall consist of a Chairperson and other Members, not exceeding 7, and a Chief Executive Officer, as the Central Government may appoint. The manner of (i) administration of IEPF, (ii) appointment of Chairperson, Members and Chief Executive Officer, (iii) holding of Meetings of IEPFA, shall be in accordance with Rules. The Central Government may provide to IEPFA, such Offices, Officers, Employees and other resources in accordance with Rules. IEPFA Rules, 2016 have been notified vide GSR 8(E) and 83(E) both dated 0.09.2016. IEPFA is empowered to spend money out of the Fund for carrying out the objects specified in Sec.12(3). [Note: Refer Usage given above.] IEPFA shall administer the Fund (IEPF) and maintain separate accounts and other relevant records in relation to the Fund, in the form prescribed after consultation with the C&AG. The accounts of IEPF shall be audited by the C&AG at specified intervals. Such audited accounts together with the Audit Report thereon shall be forwarded annually by IEPFA to the Central Government. For each financial year, IEPFA shall prepare its Annual Report giving a full account of its activities during the financial year and forward a copy thereof to the Central Government. The Central Government shall cause the Annual Report and the Audit Report given by the C&AG to be laid before each House of Parliament. Nov 2016.7

Padhuka s Publications For CA Final Students' Guide on Financial Reporting Students' Referencer on Strategic Financial Management Students' Handbook on Advanced Auditing Easy Guide to Advanced Auditing Students' Handbook on Corporate and Allied Law A Ready Referencer on Advanced Management Accounting Students' Handbook on Information Systems Control and Audit Question Bank ISCA Direct Taxes A Ready Referencer Practical Guide on Direct Taxes Question Bank Direct Taxes Students' Referencer on Indirect Taxes Students' Referencer on Accounting Standards Students' Referencer on Standards on Auditing For Professionals Handbook on Direct Taxes Compendium for Users Practical Guide on TDS & TCS Personal Income Tax A Simplified Approach A Professional Guide to Income Computation & Disclosure Standards Professional Guide to Tax Audit Professional Manual on Accounting Standards Professional Guide to CARO 2016 Audit Referencer For Attractive Discounts with Special Combo Offers *, visit * Subject to availability of Offer at the time of order. Terms and Conditions apply. Nov 2016.8