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SHORT ANSWER: Auditors of private entities and public sector undertakings (PSUs) have different reporting obligations under the Companies Act 2013. DETAILS: - Private entities must comply with Section 143 of the Companies Act 2013, which requires auditors to report on the financial statements and express an opinion on them. - PSUs, being government companies, also follow Section 143 but may have additional reporting requirements as per the Comptroller and Auditor General of India (CAG) guidelines. - Auditors of PSUs must also report on the compliance with laws and regulations specific to government entities. PUNISHMENT / IMPLICATIONS (if applicable): - Non-compliance with reporting obligations can lead to penalties under Section 147 of the Companies Act 2013, which includes fines for auditors. SOURCE: - Companies Act 2013
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