{"id":2532,"date":"2018-07-13T08:30:23","date_gmt":"2018-07-13T08:30:23","guid":{"rendered":"https:\/\/companyregistrationonline.in\/?p=2532"},"modified":"2025-06-28T09:27:57","modified_gmt":"2025-06-28T09:27:57","slug":"audit-and-auditors","status":"publish","type":"post","link":"https:\/\/companyregistrationonline.in\/blog\/audit-and-auditors\/","title":{"rendered":"The Companies (Audit and Auditors) Amendment Rules, 2018"},"content":{"rendered":"<p style=\"text-align: justify\">Before discussing the Companies (Audit and Auditors) Amendment Rules, 2018 let&#8217;s see a brief about companies act 2017.<\/p>\n<p style=\"text-align: justify\">On the 3rd January 2018 <strong><span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/companyregistrationonline.in\/blog\/companies-amendment-act-2017-rules-notified\/\">Companies Amendment Act, 2017<\/a><\/span><\/strong> receives approval from the President. Since the <strong><a href=\"http:\/\/www.mca.gov.in\/\">Ministry of Corporate Affairs<\/a><\/strong> has notified many sections of the Companies Amendment Act 2017 in a phased manner. Ministry of corporate affairs give notification on the date 05<sup>th<\/sup> July 2018 has altered many rules of the Companies Act, 2013 to support notified 75 sections of the Companies Amendment Act 2017.<\/p>\n<h2 style=\"text-align: justify\"><strong>Companies Amendment Rule 2018<\/strong><\/h2>\n<p style=\"text-align: justify\">The MCA (Ministry of corporate affairs) recently alter the Companies (Audit and Auditors) Rules 2014 with the new\u00a0Companies (Audit and Auditors) <a href=\"http:\/\/www.mca.gov.in\/Ministry\/pdf\/AuditAuditorsRules_07052018.pdf\"><span style=\"color: #3366ff\"><strong>Amendments Rules 2018<\/strong><\/span><\/a>. These rules came on 17th May 2018.<\/p>\n<p style=\"text-align: justify\">Not only The Companies (Audit and Auditors) Amendment Rules, 2018, but there are other rules also. The following rules are amended, they are:-<\/p>\n<ul style=\"text-align: justify\">\n<li data-fontsize=\"24\" data-lineheight=\"36\">Companies (Acceptance of Deposits) Amendment Rules 2018 [Rule 4, Rule 5, Rule13,\u00a0Rule 14(1)(K)]<\/li>\n<li class=\"western\" data-fontsize=\"24\" data-lineheight=\"36\">Companies (Registration of Charges) Amendment Rules 2018 [Rule 8 and Rule 12]<\/li>\n<li class=\"western\" data-fontsize=\"24\" data-lineheight=\"36\">Companies (Registration Offices and Fees) Third Amendment Rules 2018<\/li>\n<li data-fontsize=\"24\" data-lineheight=\"36\">Companies (Prospectus and Allotment of Securities) Amendment Rules 2018 [Rule 3, Rule 4, Rule\u00a05, Rule\u00a06]<\/li>\n<li data-fontsize=\"24\" data-lineheight=\"36\">Companies (<strong>Appointment of Directors<\/strong>) Second Amendment Rules 2018 [ Rule 5]<\/li>\n<li class=\"western\" data-fontsize=\"24\" data-lineheight=\"36\">Companies (Meetings of Board and its Powers) Amendment Rules 2018 [Rule 4, Rule 6, Rule 13]<\/li>\n<li class=\"western\" data-fontsize=\"24\" data-lineheight=\"36\">Companies (Audit and Auditors) Amendment Rules 2018 [Rule 3, Rule 9, Rule 10A, Rule 14]<\/li>\n<li data-fontsize=\"24\" data-lineheight=\"36\">Companies (Share Capital and Debentures) Amendment Rules 2018 [ Rule 5]<\/li>\n<li data-google-query-id=\"CJHxwqjemNwCFUKHjgodhpgEyA\" data-fontsize=\"24\" data-lineheight=\"36\">Companies (Registration Offices and Fees) Second Amendment Rules 2018 [ Rule 10]<\/li>\n<\/ul>\n<p style=\"text-align: justify\">In this article, we will be discussing the Companies (Audit and Auditors) Amendment Rules, 2018.<\/p>\n<h3 style=\"text-align: justify\"><strong>Companies (Audit and Auditors) Amendment Rules, 2018<\/strong><\/h3>\n<p style=\"text-align: justify\"><strong>G.S.R. 432 (E):-<\/strong>\u00a0In exercise of the powers conferred by sections 139, 143, 147 and 148 [sub-sections (I) and (2)] of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government makes the following rules to amend the Companies (Audit and Auditors) Rules, 2014. These rules are:-<\/p>\n<ol style=\"text-align: justify\">\n<li>Short title and commencement.-\n<ul>\n<li>Now, these rules are called the Companies (Audit and Auditors) Amendment Rules, 2018.<\/li>\n<li>These rules come into force on the date of their publication in the Official Gazette.<\/li>\n<\/ul>\n<\/li>\n<li>In the Companies (Audit and Auditors) Rules, 2014, in rule 3:-\n<ul>\n<li>The explanation shall be omitted<\/li>\n<li>The proviso to sub-rule (7) shall be omitted.<\/li>\n<\/ul>\n<\/li>\n<li>\u00a0Rule 9 shall be omitted\u00a0In the Companies (Audit and Auditors) Rules, 2014.<\/li>\n<li>In the Companies (Audit and Auditors) Rules, 2014, the word\u00a0 &#8220;adequate internal financial controls system&#8221;, the words &#8220;internal financial controls concerning financial statements&#8221; will be substituted.<\/li>\n<li>In the Companies (Audit and Auditors) Rules, 2014, in rule 14,-\n<ul>\n<li>In clause (a), in sub-clause (i), for the words, &#8220;who is a cost accountant in practice&#8221;, the words &#8220;who is a cost accountant&#8221; will be substituted.<\/li>\n<li>In clause (b)\u00a0 words &#8220;who is a cost accountant in practice&#8221; and words &#8220;who is a cost accountant&#8221; will be replaced.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h4 style=\"text-align: justify\">Note: The principal rules were published in the Gazelle of India, Extraordinary. Part Tl, Section 3, Sub-section (i) vide number G.S.R. 24(i(E). dated 31 Sl March 2014 and subsequently altered as follows:-<\/h4>\n<ul style=\"text-align: justify\">\n<li><span style=\"color: #3366ff\"><strong><a style=\"color: #3366ff\" href=\"http:\/\/www.mca.gov.in\/Ministry\/pdf\/Amendment_Rules_03112014.pdf\">G.S.R. 722 (E) dated the 14 October 2014;<\/a><\/strong><\/span><\/li>\n<li><strong><span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"http:\/\/www.mca.gov.in\/Ministry\/pdf\/Amendement_Rules_14122015.pdf\">G.S.R. 972 (E) dated the 14 December 2015;<\/a><\/span><\/strong><\/li>\n<li><strong><span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"http:\/\/www.mca.gov.in\/Ministry\/pdf\/ScannedCompaniesAuditandAuditorsRules_31032017.pdf\">G.S.R. 307(E) dated the 30 March. 2017;<\/a><\/span><\/strong><\/li>\n<li><strong><span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"http:\/\/www.mca.gov.in\/Ministry\/pdf\/CompaniesAuditandAuditorsSecondAmendmentRules2017.pdf\">G.S.R. 621(E) dated the 22 June 2017;<\/a><\/span><\/strong><\/li>\n<li>G.S.R. I 74(E) dated the 16 February 2018<\/li>\n<\/ul>\n<blockquote>\n<p class=\"entry-title fusion-post-title\" data-fontsize=\"30\" data-lineheight=\"37\"><a href=\"https:\/\/www.legalraasta.com\/blog\/llp-better-private-limited-company\/\">Why LLP is better than Private Limited Company<\/a><\/p>\n<\/blockquote>\n<p style=\"text-align: justify\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;If you want to apply for Company incorporation, you can go with Company Registration Online&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:4194817,&quot;3&quot;:[null,0],&quot;12&quot;:0,&quot;25&quot;:[null,0,0]}\">If you want to apply for <strong><a href=\"https:\/\/www.legalraasta.com\/private-limited-company-registration\/\">Company incorporation<\/a><\/strong>, you can go with <strong>Company Registration Online<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before discussing the Companies (Audit and Auditors) Amendment Rules, 2018 let&#8217;s see a brief about companies act 2017. On the 3rd January 2018 Companies Amendment  [&#8230;]<\/p>\n","protected":false},"author":5,"featured_media":2559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[557],"tags":[],"class_list":["post-2532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Companies (Audit and Auditors) Amendment Rules, 2018<\/title>\n<meta name=\"description\" content=\"The MCA recently alter the Companies (Audit and Auditors) Rules 2014 with the new\u00a0The Companies (Audit and Auditors) Amendment Rules, 2018...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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