Samarth (Chartered Accountant) (25 Points)
28 June 2023Hi everyone,
If during Audit you find the closing balance of Fixed Deposit as on 31 March shown in books is different from Bank Certificate by a significant margin, how to deal with it in Audit Report? Will it be correct to give a modified opinion, if so?, whether Qualified or Adverse?
Please let me know your thoughts.
Regards,
sabyasachi mukherjee
(27574 Points)
Replied 28 June 2023
Samarth
(Chartered Accountant)
(25 Points)
Replied 29 June 2023
Hi, so this is the first year of audit taken up by us. The previous auditor did not check correctly and did a poor job of verifying the closing balance with the bank and it does not match with the bank. He was asked to resign due to his poor work and we were appointed in his place. Accordingly, our issue is actually from the opening balance which does not match with bank balance. We found this at the end of audit and now we want to know whether to modify our opinion.
Our current year interest computation and TDS is matching correctly with bank.
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