Reforms in Corporate Accounts and Auditing Practices in Light of Companies Act 2013 - A Practitioner's View

The transition from Companies Act, 1956 to Companies Act, 2013 has been an eventful one as several bills and committees have deliberated on the impact of global corporate law jurisprudence on Indian corporate houses, Australia, UK, and the European Commission, In terms of global competitiveness, the new Companies Act has important provisions that are unique to India. Some of the game-changing provisions include mandatory women directors, corporate social responsibility (CSR), audit reporting requirements and One Person Company, and most importantly there is change in accounting practices namely changes in asset accounting techniques. Business and investors have at times expressed their concerns about the practical aspects of applying due Companies Act However, they have also shown confidence in the system due to induction of some of the world-class best practices and have welcomed the changes as an attempt to restore the appeal of Indian business and doing business in India. Regulatory checks, accountability and governance standards in India have received a serious boost with the introduction of new concepts. This paper will help to give an idea about the awareness and opinions of practitioners regarding the changes in Companies Act 2013