signing of audit report of pvt. ltd. co.

Dear Pawan

No need to hold AGM in 2009 at all. 2008-09 (11 days) mai kya Audit karoga Bhai

First decide what is your financial year—In your case it should be from March 20, 2009 to March 31, 2010 i.e. a period of 12 months 11 days.

Remember this is 100% legal and as per normal practice.

Applicability of Section-166 read with section-210 suggest in your case

As per Section-166 last date for holding your AGM would be September 20, 2010 i.e. 18 months from the date of incorporation of the company.

As per section-210 Balance Sheet & Profit and Loss A/c shall lay before the members in case of first AGM with in 9 months from the end of financial year i.e. last date for holding your AGM as per section-210 would be December 31, 2010.

Conclusion as per the rule of Harmonious construction

As per my opinion your first financial year is ending on March 31, 2010 and as per section-210 you may hold your first AGM up to December 31, 2010. But here if you follow section-210 blindly without application of section-166 then there would be violation of section-166 regarding First AGM in 18 months provision.

Final Answer—In your case last date for holding first AGM would be September 20, 2010 which is in line with the provisions of both the sections.

Is it's obligation  of auditor to sign balance sheet and p&L----YES 

Sample date setting for holding your first AGM

Date of AGM------15.09.2010

Date of BM calling AGM & approving B/S & PL---------15.08.2010

Date of signing Audit Report---------15.08.2010

For further query please post it.

Best Regards

Dear ankur,

                             I appreciate your reply . Now if we prepare audit report for 2008-09 and hold a.g.m.accordingly. is there any problem as per co. law. Because co. management want to hold A.G.m. for financial year 2008-09 also.

ca pawan singhal

Thanx for appreciation. I told you the relaxations provided by law.

if you want to hold AGM for financial year 2008-09 yes you can do it and there is no problem. Let me tell you this is my opinion. Please wait for other professionals view.

Regards

Thanks for the informaion

That will be of great help

Private Investigator

Thanx for appreciation Vineet.

Hi ankur,

it is really nice to see such a beatiful explanation.

Thanks

dear ankur

                      did we need to give any letter to company for audit engagement......after receiving oppointment letter from company(said to be a prvt ltd)

A duly signed acceptance letter should be provided by the newly appointed statutory auditor to the company.

Please visit my article for auditor related stuff:

SPECIMEN RESOLUTIONS, NOTICES, LETTERS FOR STATUTORY AUDITOR

dear ankur sir,

                         thanks for your help..can you pls guide me for doing audit as a first auditor of a pvt ltd company.. can you pls mention some important points related to that as if pvt ltd company is a sugar factory..e.g. compliance of caro, proper letter of engagement for appointment of pvt ltd com's fist auditor, check list to be followed.

                       i like to work under you guidance...pls guid me for good..

pls tell me is there any procuder or non compliance if company failed to give an letter of appointment of first auditor within one month from date of incorporation of a pvt ltd.?

Sir, Please tell me if the auditor signed the Balance Sheet on 01.09.2009 for the F.Y. 2008-09, when can the company held its AGM for the relevant year?

The Co. was incorporated on 15.10.2007 & it has called its first AGM for the year ending March, 2008

1. An AGM shall be held in each calendar year. (i.e., it must be held during the year 2009)

2. The AGM shall be held within 15 months from the date of previous AGM.(i.e., the gap between two AGMs shall not exceed 15 months)

3. The AGM shall be held within 6 months from the close of the financial year (i.e., it must be held on or before 30th September).

However the Registrar may extend the time limit by 3 months.

Dear Ankur, Can we file ITR of a period consisting of more than 12 months?

If any private Limited is incorporated within Jan-March 11 and if they have/do not have any turnover- should accounts be prepared for Fy10-11 and file the audited accounts to ROC +ITR or should 1 prepare acounts for a period starting Jan.11 to March 12 and then file the audited accounts to ROC +ITR??? Immediate reply will be highly appreciated.