ICAI Guidance Note for NCEs – Practical Implementation, related Draft Notes and Auditor Comments
What you'll learn
- Understand the scope, applicability, and mandatory requirements of the ICAI Guidance Note on Financial Statements for Non-Corporate Entities, effective from 1st
- Apply revised presentation and disclosure requirements in Balance Sheet, Profit & Loss, and Notes to Accounts in line with the Guidance Note.
- Identify and apply applicable Accounting Standards based on the revised ICAI classification norms and available relaxations/exemptions.
- Draft technically correct audit report comments (Form 3CB), Notes to Accounts, and Form 3CD disclosures, including qualified opinions and emphasis of matter par
- Address practical issues in compiling gross block, accumulated depreciation, and comparative figures using Excel-based templates.
- Implement a checklist-driven approach to ensure full compliance during the transition year (FY 2024–25) for non-corporate audits