Recently, after the Companies (Audit and Auditor) (2nd) Amendment Rules, 2018 some section of media reported that an audit firm shall be criminally liable under the company law for a fraudulent act of an audit partner, while few others have view that there is some new position of law regarding criminal liability of audit firms. Both of these are slightly wrong interpretations.
Tag Archives: The Companies Amendment Act 2017
With three Notifications S.O. 351(E) dated 23rd January 2018, S.O. 630(E) dated 9th February 2018 and S.O. 1833(E) dated 7th May 2018 most provisions of the Companies (Amendment) Act, 2017 (1 of 2018) come into force. Here is a bird’s eye view.