Statutory audit- Step 1 (Part A- declaration)

A. Declaration of interest.

1. Get the Declaration from all the directors ( details of the Company/firm in which the director is interested, status of their relatives) in Form MBP-1 (Sec 189).

2.Declaration should be  given by the director before the date of First Board Meeting in the FY or on the date of Board Meeting.

3.Transactions with the above said parties(Directors) should be traced- Loan taken & Loan granted(sec. 185 ); Purchases or sales with related parties (Sec.188).

Note: all the particulars as to name, relationship, amount, date of contract/agreement.,etc shall be there in the MBP-1 register & the date of entry must be within 7 days from the date of approval of board.

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