Saturday, October 15, 2016

Mandatory Auditors Report for Companies

The Reserve Bank of India (the Bank) has issued Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions, 2016 (the Directions) to every auditor of every non-banking financial companies effective from 29th September, 2016 in super session of Directions issued in 2008. RBI has substantially modified mandatory reporting requirements by Auditors of Non Banking Financial Companies and has issued fresh Directions w.e.f. 29th September, 2016. (Directions of 2008 stands modified). The reporting is to be made even by the Auditors of Companies which are not registered with RBI as NBFC but which meet the criteria of more than 50% financial asset and more than 50% income from financial assets.

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