As stated in Section 129 it's the duty of the Parent Company (Management) to organize the consolidated budget of the company and laid an equivalent before the Annual General Meeting along with a Standalone budget
As stated in Section 129 the provisions of this Act relating to audit applicable on company shall, mutatis mutandis, apply to the consolidated financial statements of the company. Therefore, all the supply of Audit applicable to face alone financial statements is going to be applicable on the audit of consolidated financial statements.
The potential equity shares of the investee held by the investor shouldn't be taken under consideration for determining the voting power of the investor.
There might be two situations in an audit of consolidated financial statements- when the parent’s auditor is additionally the auditor of all the components to be included within the consolidated financial statements and when the parent’s auditor isn't the auditor of one or more subsidiaries and thus uses the work of another auditor within the audit.
The Auditor of the consolidated financial statements might not necessarily be the auditor of the separate financial statements of the parent or one or more of the components included within the consolidated financial statement.