Gaurav (MBA) (144 Points)
25 March 2015One of the Company in order to repay the deposits has credited all the deposits to its P&L and thereby the resultant deposit outstanding comes to zero.
As an auditor, we are under ambiguity that once this option is exercised what options do we have so as to auditors liability is ceased.
Thanking You,
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 15 April 2015
How deposit can be credited to P&L Account? You can ask for balance confirmation from the deposit holder.
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