Page 47 - Quick Insights Book 2022

Chap. 9 – The Companies Act, 2013

either appear in person or authorize one or more chartered Governance Risk and Compliance Framework
accountants or company secretaries or cost accountants or Implementation
legal practitioners or any other person to present his case
before the Tribunal or the Appellate Tribunal, as the case A governance, risk, and compliance (GRC) framework help
maybe. an organization align its information technology with business
objectives, while managing risk and meeting regulatory
Appointment of Chartered Accountants as Auditors compliance requirements.
A GRC framework includes three components, each of which
Section 139 to 148 of the Companies Act, 2013 deals with
provisions related to Statutory Auditor. This being the core area interacts with various elements of the organization and
of practice of a Chartered Accountant needs no introduction or must also coordinate with the other components. GRC (for
advertisement. Once an individual is qualified as a Chartered governance, risk, and compliance) is an organizational strategy
Accountant, he is given the advantage of being an Auditor and for managing governance, risk management, and compliance
opportunity to deliver the best of services. with industry and government regulations. As technology
adoption increases by companies, GRC framework becomes
Chartered Accountants as Internal Auditors need to the hour. Chartered Accountants, with knowledge, skill
and leadership capabilities are in best position to guide the
(Section 138)
GRC framework implementation effort.
(Separately covered in the chapter of Internal Audit)
Asset Accounting
Other Services by Auditors (Section 144)
Companies Act, 2013mandates every entity to an asset register,
This section seeks to provide that an auditor can do such ensuring that asset life cycle is recorded in the same with
other services as approved by the Board or Audit Committee. proper markings and tags. Chartered Accountants have required
The section further provides for the services which the auditor knowledge, skill and technology solutions that can guide
cannot perform, directly or indirectly to the company or its organizations to prepare, maintain, update the asset registers
holding company, subsidiary company or associate company. with the asset’s life cycle recorded.

Appointment as Registered Valuer (Section 247)

(Separately Covered Under Registered Valuer Chapter)
Appointment as Interim Resolution Professional and Insolvency
Professional as per The Insolvency and Bankruptcy Code, 2016
(Separately Covered In Chapter of Insolvency Professional)

Important Links
• Webpage of Corporate Laws & Corporate Governance Committee at
https://www.icai.org/new_post.html?post_id=5483&c_id=308
• Guidance Note on the Schedule III to the Companies Act, 2013 at
https://resource.cdn.icai.org/68981clcgc55147-gnd1.pdf
• Frequently Asked Questions on the provisions of Companies Act, 2013 at
https://resource.cdn.icai.org/45163clcgc35207.pdf

34 Quick Insights on Professional Opportunities for Chartered Accountants