
CA Likhith Jagadeesh
12.9K posts

CA Likhith Jagadeesh
@likhithnj
Father of N L Lakshya. A Chartered Accountant who believes life's best narratives are found both in well-balanced books and on the big screen.
























🚨 Big Compliance Shift under Companies Act! - AUDIT not required. Government proposes to insert Section 139(12) - 👉 Certain classes of companies may NO LONGER be required to appoint auditors A clear move towards: ✔️ Reducing compliance burden ✔️ Improving ease of doing business ✔️ Focusing audits where it truly matters But key questions remain: ⚠️ Which companies will qualify? ⚠️ What safeguards will replace audit oversight? While this eases compliance, let’s not forget: 📌 Audit is not just a compliance — it is credibility 📌 It protects lenders, investors & minority shareholders 📌 It ensures financial discipline & fraud deterrence Screenshot attached from THE CORPORATE LAWS (AMENDMENT) BILL, 2026 Hope @theicai & other stakeholders are aware about this. Section 139 deals with Appointment of Auditors, and earlier there was no such provision to relax audit in select cases. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has introduced the Corporate Laws (Amendment) Bill, 2026 in the Lok Sabha today. The Bill seeks to amend the Limited Liability Partnership Act, 2008 and the Companies Act, 2013. The second phase of Budget session will go upto April 2. Follow me & this thread to keep tab on further development on this issue. #CompaniesAct2013 #Audit #CorporateGovernance #EaseOfDoingBusiness #CA


MCA plans to exempt Companies upto Rs 1 crore turnover from statutory audit Set to be introduced in Winter Session cfo.economictimes.indiatimes.com/news/tax-legal….






