CA Shivani Bhardwaj (Chartered Accountant) (158 Points)
30 March 2017
Diamond Goyal
(Finance Accounts Taxation & Auditing)
(90 Points)
Replied 30 March 2017
No, without previous year audit report, the auditor can't continue audit for the current/further period.
In case of newly established establishment, the audited balancesheet and audit report is mandatory for previous year. And thereafter current period audit will be conducted.
In this case, the auditor need to audit previous accounts first and prepare the balancesheet for previous year and when auditor is comfortly satisfied with that figures then he/she may continue the current period audit.
Dixit
(CA Final)
(2405 Points)
Replied 06 April 2017
| Originally posted by : Diamond Goyal | ||
 |
No, without previous year audit report, the auditor can't continue audit for the current/further period. In case of newly established establishment, the audited balancesheet and audit report is mandatory for previous year. And thereafter current period audit will be conducted. In this case, the auditor need to audit previous accounts first and prepare the balancesheet for previous year and when auditor is comfortly satisfied with that figures then he/she may continue the current period audit. |
 |
CAclubindia
