Unadopted fs

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Prashant Sagar (Querist)
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18 May 2018 Suppose, audited financial statements are not adopted in AGM and even in adjourned AGM then what will the responsibilities of the auditor, it is sure company has to file unadopted FS to ROC unitl FS are adopted but even in the adjourned AGM FS are not adopted by members then are there any obligations for the auditor to comply or whether the auditor is free after issuing the Audit report??

Vivek Hebbar

Vivek Hebbar (Expert)
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26 May 2018 There is no further responsibility on the auditor once the accounts are adopted by the Board of Directors and the auditor submits audit report. In case the shareholders demand a re-audit or in case the accounts are not adopted till the next year audit, the subsequent auditor needs to mention this point in his report that the previous year accounts were not adopted in the General Meeting.