Reporting requirement
Report whether all transactions with the related parties are in compliance with Section 177 and Section 188 of Companies Act where applicable and the details have been disclosed in the financial statements as required by the applicable accounting standards.
What to verify before signing
- Related party register (Ind AS 24 / AS 18) — completeness vs Section 2(76) definition
- Section 177 — Audit Committee approval for RPTs at listed and prescribed companies
- Section 188 — board approval for RPTs in ordinary course at arm's length; special resolution above thresholds
- Disclosures in FS notes; SEBI LODR Regulation 23 for listed entities
Sample observation — applicable
In our opinion, and according to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act 2013, where applicable, and the details have been disclosed in the financial statements, as required by the applicable accounting standards.
Related standards
SA 550Ind AS 24 / AS 18Sections 177, 188 Companies Act 2013SEBI LODR Reg. 23
On CORAA
Clause (xiii) auto-populates from the underlying ledger work in CORAA’s
Reporting hub. Each observation traces back to the transactions that triggered it. Pair with our
CARO 2020 Checklist template for the full audit-report annexure.
Related on CORAA University
