What is auditing standards and various other definition ?
2(7) “auditing standards” means the standards of auditing or any addendum thereto for companies or class of companies referred to in sub-section (10) of section 143;
2(8) “authorized capital” or “nominal capital” means such capital as is authorized by the memorandum of a company to be the maximum amount of share capital of the company;
2(9) “banking company” means a banking company as defined in clause ( c ) of section of the BANKING REGULATION ACT, 1949 (10 of 1949);
2(10) “Board of directors” OR “board” in relation to a company, means the collective body of the directors of the company;
2(11) “body corporate” or” corporation” includes a company incorporated outside India, but does not include-
1 A co-operative society registered under any law relating to co-operative societies; 2 Any other body corporate (not being a company as defined in this act ), which the central government may, by notification, specify in this behalf;
2(12) “book and paper” and “book or paper” include books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form;
2(14) “branch office” in relation to a company, means any establishment described as such by the company;
2(15) “called-up capital” means such part of the capital, which has been called for payment;
2(16) “charge” means an interest or lien created on the property pr assets of a company or any of its undertakings or both as security and includes a mortgage;
2(17) “Chartered Accountant” means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the chartered accountants.
2(6) “associate company in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the company having such influence and includes join Venture Company.
[EXPLAINATION- For the purpose of this clause,-
- The expression “significant influence” means control of at least twenty per cent of total voting power, or control of or participation in business power, or participation in business decisions under an agreement;
The expression “joint venture” means a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement