Amendment to Rule 5A of STR, 1994 - CAs/Cost Accountants welcome

It is to be noted that the case laws held that the audit party is ultra vires. However, the board has very smartly instead of deleting the powers of audit party and CAG has included CA's and cost accountants.

Even after the amendment the ultra vires nature of the audit will still hold good until section 72A is amended.

Given that this would lead to another debate, it is likely that such amendment will follow very soon.

nk nahar 07/12/2014