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date of board meeting

AMAR CHANDRA (chartered accountancy) (28 Points)

16 November 2007

when board meeting held, for approving annual account

- beofore signing of annual account by auditor or

- after signing by auditor

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10 Replies

siddharth (C.A.) (175 Points)
Replied 16 November 2007

HI, when board meeting is held for approving annual account it is beofore signing of annual account by auditor since preparation of account is the responsibility of management of the company.

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prem pareek (service) (89 Points)
Replied 16 November 2007

BOARD MEETING SHOULD BE HELD FOUR TIMES IN A YEAR AS PER COMPANIES ACT ,1956i.e, THE GAP BETWEEN TWO BM SHOULD NOT EXCEED THREE MONTHS.HOWEVER AS PER SECRETARIAL STANDARD -2 , BM SHOULD BE HELD ONCE IN EVERY QUARTER ,AND THE GAP MAY EXCEED THREE MONTHS, THERE U WILL SEE AN OVERRIDING EFFECT ON COMPANIES ACT,1956.AS PER MY VIEWS BOARD MEETING FOR APPROVING ANNUAL ACCOUNTS MAY HELD BEFORE SIGNING OF ANNUAL ACCOUNTS BY AUDITORS, HOWEVER TO ADOPT ANNUAL ACCOUNTS IN GENERAL MEETING IT IS NECESSARY THAT IT HELD AFTER IT IS SIGN BY AUDITOR.

siddharth (C.A.) (175 Points)
Replied 16 November 2007

HI, Further to my comments above, as per Sub-section (3) of Section 215 of the companies Act ,1956, it clearly states that annual accounts shall be approved by the Board of directors before they are signed on the behalf of the Board in accordance with provision of Sec 215 and before they are submitted to the auditors for their report thereon.

(Guest)

Before signing of accounts by auditors, board approves and send the accounts to Auditors for sigbnature.

KAAPIL (COACHING ) (11717 Points)
Replied 16 November 2007

Thanks for information.

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SENDHIL (70 Points)
Replied 17 November 2007

Always the boardmeeting must happen every 3 months once. the board meeting not just for audit purpose apart from audit it gives more information on the process of the company. As well as the BM shoudl happen first then the auditor will sign on tha doc.

Karthick Subramanian (Audit Assistant) (43 Points)
Replied 22 April 2009

who should sign an extract from minutes of board meeting as a mark of authentication?

can a director who has attended the meeting sign an extract of a board meeting, if such extract is to be made available to third parties?

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 23 April 2009

Yes, such extracts can be signed by such director.

Vrnanda (auditor) (110 Points)
Replied 23 April 2009

Hi amar chandra,

Concept over this is as follows:

1) Preparation of the financial statements are the responsibility of the management, and auditor's responsibility of the auditors is to express an opinion on the financial statements.

2) It is always the board meeting will be first which will approve the books (financial statements) then the auditor will certify (express the opinion) on the same.

3) But practically, auditor will start the work before the board meeting and ensure that the opinion is ready by the board meeting.