Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Audit report

jagan sai (student) (148 Points)

18 October 2011

hi,

Is there any time limit for issuance of Statutory audit report , after completion of audit?

can anyone mention the wordings as per Law?

Reply
Follow
Share

5 Replies

C.A. Sandeep Wawhal (CA, PGDFM, BCom) (1831 Points)
Replied 18 October 2011

30th September of every year is due date of finalization of audit report

Upgrade to CAclubindia Pro. Subscribe Now!

Swapnil Jain (Finance - FP&A) (564 Points)
Replied 18 October 2011

I hope by Statutory Audit report u require to know it under Company Act and not Income Tax Act

Under IT Act, Accounts To Be Audited Before 30th September if Applicable.

There is no time limit as such put forth by the Companies Act. but you need to infer the same from other provisions of Companies Act. like the companies should within six months from the close of the financial year place before the AGM the audited accounts. So first cut off date is 30th September. Now deduct 21 days from this date u will get 8 September. This 21 days is for the purposes of giving notice to the shareholder for AGM so for companies complete the audit in AUGUST itself

(source- CA Ashish Upadhay: Our dear expert from CCI)

nupur (employee) (112 Points)
Replied 19 October 2011

Agree with the above answer given by swapnil jain

CA Bada Sanjay Kumar Reddy (CA) (69 Points)
Replied 19 October 2011

It is the date on which Board of Directors approve the Annual Accounts. As per Companies Act, 1956 the Annual Accounts of the Company are to be approved within six months from the end of the Financial Year.