1.Under the 2013 act, there is no provision similar to section 228 of the 1956 act read with companies (branch audit) rules, 1961 providing for seeking any exemption from central government from carrying out audit of branches.
2.Companies have to get audit of their branches done. The branch office accounts can be audited by the auditor of the company or any other person is qualified to be as an auditor as branch auditor.
3.In case of foreign branch, by an accountant or by the company’s auditor or a competent person is appointed in giving with the ruling laws of the foreign country.
4.The auditor of the branch shall make a report on the accounts of the branch considered by him.The auditor of the company shall deal with such report in his audit report in a way as he receive necessary.
5.The powers and duties of the company’s auditors with mention to the audit of the branch auditor. It shall be included in sub-section 1 and 4 of section 143 of the 2013 act. It has the place to find the books of accounts and make about the required books of accounts preserved and make auditor’s report and state the reasons of qualification in report.
6.The branch auditor shall give his report to the company’s auditor.
7.The branch auditor will also be liable for reporting about frauds and for this purpose the provisions of sub-section(12) of section 143 of the 2013 act.
8.A company has a branch office in India or outside India. It shall be deemed to have compiled with the provisions of sub-section 128 of the 2013 act. If proper books of account relating to the transactions effected at the branch office are kept at the office and proper summarized returns periodically are sent by the branch office to the company at the registered office or the other place referred to in sub-section(1) of section 128 of the 2013 act.
9.Companies have to ensure that while they keep their books of information, account is received from branch offices. It shall not be changed and shall be kept in a manner where it shall describe what was originally get from the branches.
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