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FS voluntary revision/NFRA/CSR - Coggle Diagram
FS voluntary revision/NFRA/CSR
voluntary revision of FS/BOD's Report
CG pass order
Oredr filed with Registrar
tribunal to CG+I.Tax
Only once in Yr
apply to tribunal
REasons for revision of FS/report
for any 3 last yrs
if FS/Report sent to members,registrar,before AGM
then only correction & neccsaary alteration to be sent
directors may require revision suo moto
CG power
relaced with corrected docs
draft functions of co's auditors
directors to take step
NFRA
monitor+enforce comalince
oversee CA frauds
recommend to CG on AD and Ind-AS
chariperson+ 15 members
chairperson by CG with all subject knowledge
not associated with any audit firm+2 yrs
improve transaprancy+reliability of FS
Co's to excercise powers
listed
unlisted
insurance/electricity/banking
BC/Co in public interest by CG
BC regsieterd o/s india
investigate CA misconduct
suo moto or on directed by CG
once NFRA initiate proceedings-no CA to continue
CA misconduct
fine
debar member
civil court powers
discovery +production of BOA
summons to attend
impose of BOA
examine docs
CA to appeal to NCLAT
AS/Ind-AS for approval of CG
recommendaton by ICAI
additional infor. from ICAI
if NFRA there, recmmended by ICAI, examined by NFRA
if NFRA not there, recomm by ICAI, examned by NACAS
misceelaneous
HO at New delhi
CG appoint secretary+employees
time+place
NFRA maintain ac's+audited by CAG to send to CG
CSR
give back to society
conserve resources
profits increase/ maximise shareholders wealth
social welfare
benefit public at large
staff welfare not CSR
every co./HCo./SCo./B.O/Foreign Co/
foreign co.= NW/T/O/NP in accrodance with BS/Pl of Indian Co. for Indian operations
not CSR
benefit employees
marketing benefit
political party
statutory obligation eg, pollution control equipment
activity o/s india except sports training
activyt in normal course of business. eg, staff welfare, toilet except COVID related medicine,vaccine,equipment
IFSC co for 1st 5yrs
CSR committee
T/o>= 1000 cr
NP>= 5Cr
NW>= 500 cr
CSR committe of board>= 3 directors- 1 ID
Boards report to contain CSR details
NP
NP in Indian PL-profits earned o/s india-dividend recd
CSR committe
pvt=2
any other=atleast 1 indian director
NW
Dr./Cr. P/L
less- accumulated losses/defferd exp/misc exp not w/off
SP
no revaluation reserve/w/back deperaciaion
rseerves our of profits
PUC
CSR
till then directors do CSR
amount to be spent on CSR >= 50lacs, esle no CSR committe
if NW/T/O/NP less than CSR requirement for 3yrs, no CSR committee
CSR committee recommend to BOD
manner of execution
allocation of funds
list of CSR projects
monitor projects
BOD duties
co's website
CSR activities actually done
disclose contents in reports
co itself or sec8/trust/society, 12A+80G of I.T act
approve CSR policy
CSR registration
funds disbursed, approval of CFO
unique CSR registration No.
signed by CA
CSR-1 to CG
contribution
admin expd. <=5% of CSR
ongoing projects <= 3 yrs
local area
incorpoirated less, then less yrs
= 2% of avg profits in last 3 yrs
unspent CSR
plough back to same project
trf to CSR unspent
not business profits for any surplus for selling products/sevices
reasons in boards report
excess exp on CSR set off & c/f for 3yrs, no set off agt surplus profits of CSR
capital asset cant beheld in own BS, to be held by any other trust, society, sec8 co.
if not spent for >=2% that yr/ongoing project for 3 yrs, to be trf to unspent CSR a/c
internal auditor
CA/CS..
listed/unlisted/pvt co
individual/firm/BC
audit committe= employees+others