Latest format of independent auditors report for the FY 2023-24

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Independent auditors report for the FY 2023-24

latest audit report format for private limited companies Fy 2023-24
Everyone is talking about amendments in schedule III & CARO however most of those are not highlighting changes in Independent Auditors Report. Though changes are small but can result into significant risk of negligence. First I would like to request every one kindly read entire independent audit report for every auditee. At least read what you are signing and what would be the implications.

I have seen audit reports for the FY 2022-23 which are not referring to the The Companies (Accounting Standards) Rules, 2021. MCA already prescribed accounting standards w.e.f. 01/04/2021. But as usual due to "Ctrl C+ Ctrl V" same is not reflecting in the independent auditors report and reference to old rule of 2006 is given.

Also some of us not inserting new para under rule Rule 11 of the Companies (Audit and Auditors) Rules, 2014. This year reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 is also mandatory.

Kindly refer attached report of Small Company for ease reference only (please note this is just a draft and change as per your requirements). Kindly read and comment for suggestions. 

Download draft independent auditors report. for the FY 2023-24

One more important point is also not getting highlighted in financials 

In case of Small and Medium Sized Company” (SMC), exemption given for SMCs should be specifically availed by way of note in the financial statements. Add following line item as notes to accounts if you are SMC .

"The Company is a Small and Medium Sized Company (SMC) as defined in the Companies (Accounting Standards) Rules, 2021 notified under the Companies Act, 2013. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company"

You may also like to read:
1. Draft format of Management Representation Letter on Statutory Audit
2. Defining the Scope of the Audit with an Engagement Letter

#Independent auditors report FY2023-24

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