Audit opinion-

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2011 if we do statutory audit of companies, others,etc and gives our opinion on that ,, mean qualified ,disclaimer of opinion and adverse effect....then after the audit report is signed by both client and c.a ..
my question is that ,wat happened of these kind of opinion's to the client co...?..who are the authorities that can take action against it? income tax dept or roc ..or Mca.....
is there any penalties of these kind of opinions on client co?...
no answer of after action is given in any book...
plz guide...

Rakesh

Rakesh (Expert)
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06 October 2011 Statutory Audit is basiclly for shareholders and your qulification in notes of accounts analyis by MCA,Income Tax Autority, Shareholders and other judical autorities. If due to above qualifiaction the think that any contavnetion of law made by client then they issued query leeter for the same.

Querist : Anonymous

Querist : Anonymous (Querist)

15 October 2011 for statutory audit of listed company ,what are the financiasl statements provided by companies to auditors?
generally in pvt companies and closely held copmanies.., audit starts directly ,and we do the finalisation of accounts,,special entries ,adjustments and completed trial balance ,and prepare bal sheet p&l ..and anneure....
i want to know the exact procedure..?

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