U.S. president Harry S. Truman had a sign with this inscription on his desk. This was meant to indicate that he didn't 'pass the buck' to anyone else but accepted personal responsibility for the way the country was governed.
Emailed (Feb 16)>
In any business of, besides other legal enteritis e.g. partnership, a ‘company’ the most fundamental of all laws that is applicable hence calling for compliance is the Indian Contract Act (ICA). For, every transaction entered into has to be evidenced by a contract agreement, and governed by the ICA. As such, pithily stated, every contract agreement, for its legal validity and binding would be required to satisfy the attendant norms as laid down or envisaged therein. The buck cannot however be said to stop there. For instance, as has lately arisen for adjudication by the regulations administered by the CCI, in a given case engaged in building construction business, the legal validity and binding nature of a “one-sided contract agreement” came to be agitated; and adversely ruled. More thoughts given, more such angles are bound to surface, and might have to be given due consideration by a PCS in the initial stage of conceiving of and suitably devising an audit programme, importantly a detailed check list, in order to ensure that those are gone into and unfailingly covered in the statutory report as per section 204.
Certain other viewpoints shared through the comments posted @ Companies Act – 2013: Secretarial Audit - TaxGuru may be looked up for further deliberation.
CA. Amit G. Chandani, ACA, ACMA, Lic. ICSI, B.Com- (@) firstname.lastname@example.org