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;
- In Rule 3,
(a) Explanation shall be omitted;
(b) proviso to sub-rule (7) shall be omitted.
- Rule 9 shall be omitted.
- In rule 10A, for the words “adequate internal financial controls system”, the words “internal financial controls with reference to financiai statements” shall be substituted.
- 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