Date of signing the audit report

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DIPAL SHAH

PROPRIETOR

61 Points Posted on 13 December 2011

if The management is ready to pay penalty with ROC for late filing, can audit report of 2007-08 be signed with date of audit report of 2011-12 ? e.g. Stautory audit report of financial year 2007-08 was not prepared yet . Now managment is provding approved accounts on the basis of which auditor gives his audit report on any date in 2011-12. Management of the company is ready to pay penalty for late filing with ROC. Is it possible to sign in the way mentioned as above.

Replies (2)

K. CHITRA

CHARTERED ACCOUNTANT

66 Points Posted on 13 December 2011

As per the Companies Act, the AGM is to be conducted within 6 months from the end of the financial year. i.e for the year ending 31/03/2008, the AGM is to be conducted within 30/09/2008. In this AGM, the audited accounts are to be adopted.

21 days clear notice is required to be given for AGM. Hence the accounts are to be finalised by the end of August or September 1st week.

In case the Company wants to postpone the AGM, it has to obtain necessary approvals.

Please read provision of Sec 166 of Companies Act, 1956.

Yogesh Shah

Managing Corporate Finance

1051 Points Posted on 26 December 2011

Hi Dipal,

Filing with ROC

and Audit or date of Audit Report are two different things.

Company will suffer penalty, thats sure, but Stat Auditor of Company cannot sign Audit Report of FY 07-08 now. He has to prepare and sign it back dated. Company can file all those documents now but they must be back dated - somewhere in FY 07-08.