Pawan Singhal (chartered accountant) (655 Points)
18 April 2009pvt ltd . co. incorporated on 20th March 2009. can we prepare audit report of co. for the year 2008-09 as on 20.04.2009. and when will have to held a.G.m in this case. can we hold agm on 25.04.2009.
2) is it's obligation of auditor to sign balance sheet and p&L , if co. is not cover in tex audit but we are submitting audit report as per co. act sec 227 .
ca pawan singhal
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 18 April 2009
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
Pawan Singhal
(chartered accountant)
(655 Points)
Replied 18 April 2009
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
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 18 April 2009
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
Vineet
(Professional)
(30 Points)
Replied 19 April 2009
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 22 April 2009
Thanx for appreciation Vineet.
Vrnanda
(auditor)
(110 Points)
Replied 23 April 2009
Hi ankur,
it is really nice to see such a beatiful explanation.
Thanks
Swapnil A Bhosale
(student)
(42 Points)
Replied 17 November 2009
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)
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 17 November 2009
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
Swapnil A Bhosale
(student)
(42 Points)
Replied 17 November 2009
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..
Swapnil A Bhosale
(student)
(42 Points)
Replied 17 November 2009
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.?
CA Anjali Yadav
(CA FINAL)
(44 Points)
Replied 24 November 2009
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
gokul
(Accountant)
(126 Points)
Replied 27 November 2009
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.
V K AGRAWAL
(PARTNER)
(22 Points)
Replied 19 September 2011
V K AGRAWAL
(PARTNER)
(22 Points)
Replied 19 September 2011
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.
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