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MCA vide Notification No. G.S.R. 432(E) dated. 07.05.2018 notified the Companies (Audit and Auditors) Amendment Rules, 2018.

MCA vide Notification No. G.S.R. 432(E) on Monday 7th May, 2018 notified the Companies (Audit and Auditors) Amendment Rules, 2018 to amend the Companies (Audit and Auditors) Rules, 2014 wherein;

  1. In Rule 3,

(a) Explanation shall be omitted;

(b) proviso to sub-rule (7) shall be omitted.

  1. Rule 9 shall be omitted.
  2. In rule 10A, for the words “adequate internal financial controls system”, the words “internal financial controls with reference to financiai statements” shall be substituted.
  3. In Rule 14,

(a) in clause (a), in sub-clause (i), for the words, “who is a cost accountant in practice”, the words “who is a cost accountant” shall be substituted;

(b) in clause (b) for the words “who is a cost accountant in practice”, the words “who is a cost accountant’ shall be substituted.

The said Notification can be accessed from the following link:MCANotf.dt.7.5.18_Co.(Audit & Auditors)Ammend.Rules,2018

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