1.can financial statements be modified before placing the same in the agm for adoption??
2. can the financial statements submitted to the banker as audited before placing the same in the agm and before adoption in the board, be modified?? if yes kindly suggest procedure for the same.
23 January 2010
Under the Companies Act, 1956 the annual financial statements of a company, after they are approved/signed by the Board of Directors, and the auditors report thereon are placed before the shareholders/members for their adoption at the Annual General Meeting . However, in exceptional cases, the financial statements may need to be revised/rectified. As per the Guidance Note on Auditor's Report on Revised Accounts of Companies before circulation to Shareholders issued by the Institute of Chartered Accountants of India in December 1979, a company's financial statements, duly approved/authenticated by the Board of Directors and the statutory auditors can be amended before they are circulated to the shareholders.
CAclubindia
