CA Final May 2022 Audit Amendment as per latest ICAI SM

Srathak Jain Sir Provides Summary of the Amendments Applicable for CA Final May 2022 Audit Exam

Section 140(3) Maximum Penalty limit reduced from 5 lakh Rs. to 2 lakh Rs.- on account of the amendment made via Companies (Amendment) Act, 2020

Section 140(3) Clause 4,5 & 6 added in Rule 11 of Companies Audit & Auditors Rule, 2014 on account of amendment made via Companies (Audit and Auditor Amendment) Rules, 2021

Section 143(15) Penalty change: 5 lakh – listed entity & 1 lakh – other co. (Earlier Min 1 lakh & Max. 25 lakh) on account of amendment made via Companies (Amendment) Act, 2020

Section 147(1) Imprisonment & or with both words deleted & Section 142(2)- Reference of Section 143 – deleted – on account of amendment made via Companies (Amendment) Act, 2020

Section 124(7) Penalty change: Company – 1 lakh + 1000 Rs. per day – Max. 10 lakh (Earlier -Min. 5 lakh & Max. 25 lakh)
Officer in default – 25000 + 100 Rs. per day – Max. 2 lakh (Earlier -Min. 1 lakh & Max. 5 lakh) on account of amendment made via Companies (Amendment) Act, 2020

Section 134 (8) Penalty change: Company – 3 lakh Rs. (Earlier -Min. 50,000 & Max. 25 lakh)
Officer in default – 50,000 (Earlier -Imprisonment-3 yrs or Min. 50K & Max. 5 lakh or both) on account of amendment made via Companies (Amendment) Act, 2020

Audit SJ Supplementary includes all amendments made for May 2022 alongwith complete references of changes made in ICAI SM 2022

The supplementary has extract from Drone Charts where updations are made due to amendments or changes in ICAI SM 2022 and have been specifically highlighted as UPDATE 2022

Amendments mostly are in Peer Review, Bank Audit, Tax Audit and AC & CG.

Attachment can be Downloaded from below Link.