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CMA Intermediate · Corporate Accounting and Auditing · Auditing of Different Types of Undertakings

A Government company's statutory auditor submits his report to the members. Within what period after receiving the audit report does the C&AG have the right to conduct a supplementary audit and comment on it under the Companies Act, 2013?

The C&AG may conduct a supplementary audit and comment on the statutory auditor's report within 60 days from receiving the audit report. The comments are then laid before the annual general meeting along with the auditor's report, so that members see them.

  1. AWithin 60 days from the date of receipt of the audit reportCorrect
  2. BWithin 30 days from the date of receipt of the audit report
  3. CWithin 90 days from the date of receipt of the audit report
  4. DWithin 180 days from the date of the balance sheet

Explanation

Under section 143(6), the C&AG may within 60 days from the date of receipt of the audit report conduct a supplementary audit and comment upon or supplement the report. The 30-day and 90-day periods are not the statutory limit. The comments must be placed before the annual general meeting at which the financial statements are laid.

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