Regulation 63 — Audit Regulations 2020
Original Rule Text
63. Preparation of audit report by the statutory auditor
On completion of audit, the statutory auditor shall prepare his audit report under the Companies Act, 2013 and submit a copy to the Accountant General (Audit).
What This Means
After completing the audit, the statutory auditor must prepare their audit report under the Companies Act, 2013 and submit a copy to the Accountant General (Audit). This ensures the CAG's office has a copy of the audit findings and can proceed with supplementary audit within the prescribed 60-day window.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Audit report must be prepared under the Companies Act, 2013 requirements
- 2A copy must be submitted to the Accountant General (Audit)
- 3This submission triggers the 60-day window for CAG's supplementary audit
- 4The report forms the basis for CAG's review and comments
Practical Example
After completing the statutory audit of Bharat Electronics Ltd for FY 2025-26, the auditing firm prepares its audit report covering the opinion on financial statements, CARO report, and internal financial controls report. A copy is sent to the Accountant General (Audit), Karnataka, who then initiates the supplementary audit process within the 60-day timeframe.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Must the audit report follow a specific format?▼
What happens after the report is submitted to the AG (Audit)?▼
Is the statutory auditor's report made public?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.