MCA vide Corrigendum No. S.O. ………(E) on Thursday, 13th July, 2017 hereby issued a Corrigendum for the Notification No. G.S.R. 583(E) dt. 13th June, 2017 in respect of Exemptions to Private Companies. Vide said Corrigendum following has been corrected in to the Notification:
Section 143(3)(i): Disclosure in auditor’s report relating to internal financial control systems shall not apply to private company which is-
- One person or small company; or
- Turnover as per latest audited balance sheet < Rs.50 crs.; or and Borrowing during FY < Rs.25 crs.
In Notification, ‘OR’ was written between Turnover & Borrowing condition, however vide said Corrigendum ‘OR’ is substituted with ‘AND’.
The said Corrigendum can be accessed from the following link:MCA Corrigendum_EmptionPrivateCompany_13.07.2017