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Difference in Party Ledgers Audited

SHIV KUMAR (Co-Founder of Sublime Associates) (245 Points)

15 May 2021

Hello all

Dear Sir/Mam

I recently joined a new company their is huge difference in Sundry Debtors its about 70 lac.The main problem is their this is the balance sheet of FY 2019-20 and already audited and many DR. Balances audit as a CR balances .

kindly suggest me how can I settle these accounts

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 15 May 2021

You should obtain debtors confirmation balances to check the accuracy of the balances of books of accounts. You have to communicate with the previous auditor who audited the statements and in case difference in opinion, you should adverse the opinion in audit report. You cannot rectify the already audited financial statements. You can rectify the financial statements in FY 2020-21

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SHIV KUMAR (Co-Founder of Sublime Associates) (245 Points)
Replied 17 May 2021

Originally posted by : SHIV KUMAR
	Hello all Dear Sir/Mam I recently joined a new company their is huge difference in Sundry Debtors its about 70 lac.The main problem is their this is the balance sheet of FY 2019-20 and already audited and many DR. Balances audit as a CR balances . kindly suggest me how can I settle these accounts