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Is there a requirement that an audit committee be independent?
Section 301 of the act contains an amendment to Section 10A of the Securities Exchange Act of 1934, which relates to independence of audit committee members.
What is the difference between tax audit and statutory audit?
Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. For example books of accounts are audited under the Companies Act, 1956 (Statutory Audit) and Financial Statements of companies are prepared as per the provisions of this Act. Books are also audited under the Income Tax Act, 1961 and the income arrived at as per the provisions of this Act is taxed (Tax Audit).
Provisions of the company act in audit?
The provision of the company act in audit requires that all the companies be audited after a given duration of time.
Tax Audit Services?
There are many laws drafted in India that govern different kinds of audits like an income tax audit, cost audit, stock audit, company, or statutory audit as per the Companies Act, 2013. Income tax audit evaluates whether an individual or company has filed tax returns of the assessment year appropriately. Section 44AB of the Income Tax Act of 1961 lays down the provisions for an income tax audit.
What did the 1996 Single Audit Act Amendments change about how federal funds trigger an audit?
Audit requirements are triggered by federal funds expended rather than funds received
What did the Single Audit Act establish?
The U.S. Congress adopted the Single Audit Act (SAA; Public Law 98-502) in 1984 to establish entity-wide audit requirements for state and local governments and Indian tribal governments receiving federal financial assistance.
Indian companies act 1956 with respect of directors in the company?
PROVISIONS OF COMPANIES ACT 1956 (herein referred to as "Act") WITH RESPECT TO CORPORATE GOVERNANCE Disclosures on Remuneration of Directors: The specific disclosures on the remuneration of directors regarding all elements of remuneration package of all the directors should be made as a part of Corporate Governance. Section 299 of the Act requires every director of a company to make disclosure, at the Board meeting, of the nature of his concern or interest in a contract or arrangement (present or proposed) entered by or on behalf of the company. The company is also required to record such transactions in the Register of Contract under section 301 of the Act. Requirements of the Audit Committee: Audit Committee has a critical role to play in ensuring the integrity of financial management of the company. This Committee add assurance to the shareholders that the auditors, who act on their behalf, are in a position to safeguard their interests. Besides the requirements of Clause 49, section 292A of the Act requires every public having paid up capital of Rs 5 crores or more shall constitute a committee of the board to be known as Audit Committee. As per the Act, the committee shall consist of at least three directors, two-third of the total strength shall be directors other than managing or whole time directors. The Annual Report of the company shall disclose the composition of the Audit Committee. The recommendations of the committee on any matter relating to financial management including Audit Report, shall be binding on the board. In case board does not accept the recommendations so made, the committee shall record the reasons thereof, which should be communicated to the shareholders, probably through the Corporate Governance Report. The committee shall act in accordance with the terms of reference to be specified in writing by the board. The committee should have periodic discussions with the auditors about the Internal Control Systems and the scope of audit including the observations of the auditors. If the default is made in complying with the said provision of the Act, then the company and every officer in default shall be punishable with imprisonment for a term extending to a year or with fine up to Rs 50000 or both. Director's remuneration: Section 309(1) of the Act requires that the remuneration payable both to the executive as well as non-executive directors is required to be determined by the board in accordance with and subject to the provisions of section 198 either by the articles of the company or by resolution or if the articles so require, by a special resolution, passed by the company in a general meeting. Further, Schedule VI of the Act requires disclosure of Director's remuneration and computation of net profits for that purpose. Corporate Democracy: Wider participation by the shareholders in the decision making process is a pre-condition for democratizing corporate bodies. Due to geographical distance or other practical problems, a substantially large number of shareholders cannot attend the general meetings. To overcome these obstacles and pave way for introduction of real corporate democracy, section 192A of the Act and the Companies (Passing of Resolution by Postal Ballot), Rulesprovides for certain resolutions to be approved and passed by the shareholders through postal ballots. for further querry you are wwelcome to sachinmaurya@gmail.com
Which committee was set up to reexamine the prasar bharati act?
Nitish Sengupta Committee in 1996
Who is the current committee of the FMLA?
There is no "committee." The FMLA (Family Medical Leave Act) is a public law.
Definition of special audit?
an audit for special purpose who is employed by government
What committees act as study groups?
Conference Committee
Is Welfare committee compulsary as per The factories act 1948?
not
