03 February 2012
Dear Sir One Educational Trust got its Book Audited under Bombay Trust Act in 2001, and since last 10 year it was not in operation, now it want's it's books audited for 10 years so is there any provision to consolidate it because the Interest on saving Bank was the only income in last year 10 years. Please give me any section for consolidation
03 February 2012
You cannot consolidate that. You have to prepare separate audit report for every year even if, it only have saving bank interest.
You can change financial year and cover even 10 year as one financial year but you have to take a approval from registrar and this type of practice will go on. so advisable to prepare separate reports for every year.
CAclubindia
