Format of Review Report under Clause 41 of the Listing Agreement

As the members are aware, the Institute had in March 2005,issued Auditing and Assurance Standard (AAS) 33, Engagements to Review Financial Statements, applicable to all review engagements relating to accounting periods beginning on or after April 1, 2005. Appendix 3 to the said AAS contains an illustrative format of review report in respect of balance sheet. The illustrative format given in the AAS is different from the format of the review report, required to be given under clause 41 of the Listing Agreement in that it is in respect of review of financial results and not a balance sheet.

In view of the above, the members are requested to note that in so far as review carried out in terms of clause 41 of the Listing Agreement is concerned, the members are expected to submit their review report in accordance with the format prescribed by the Securities and Exchange Board of India in clause 41 of the Listing Agreement.



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