22 May 2010
One Company (Subsidiary Company) has approved its accounts in its board meeting as on 30th April, 2010 and Auditor has signed his Audit Report as on 7th May 2010. In such a case for consolidation of Accounts of Holding Company, the such subsidiary accounts can be considered as Audited accounts or unaudited accounts as on 1st May, 2010 for Consolidated Audit Report.
25 May 2010
For consolidation, the accounts as on the year end have to be considered. The fact that the accounts of the subsidiary are not audited does not have any impact on the validity of the consolidated accounts. The fact that they are unaudited have to be disclosed.
If the accounts are audited and adopted by the Board on 30 April, then the date of adoption by the Board is to be considered. The auditor signing the balance sheet on 7th May also is not relevant as he might not be in town when the Board meeting was held.
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