Issue of report for consolidated financial statements/result

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vishwas (Querist)
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10 November 2010 My cliend is a listed company with few subsidiaries. My question is - Can Statutory auditor of subsidiary companies (who is not the statutory auditor of holding company) audit consolidated financial statements / results and issue audit report? or is it restricted by some listing agreement and any other law.
Please mention the specific clause / section.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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10 November 2010 As per AS - 21 consolidated financial statement are part of financial statements of the holding company and it is for compliance with AS - 21. So consolidated financial statements will be signed by the auditor auditing the hodling company accounts only.