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Rectification of audit report (Income Tax)

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This query is : Resolved


( Author )
26 September 2011

is it possible to rectify an audit report already submitted? the client has wrongly classified an item in balance sheet which needs to be changed. there will be changes in the group totals. the rest remains unaffected. pls advise....


B.Chackrapani Warrier

( Expert )
26 September 2011

That report under section 44AB should not normally be revised. However, sometimes a member may be required to revise his /her tax audit
report on grounds such as:-

(i) revision of accounts of a company after its adoption in annual general
meeting.
(ii) change of law e.g., retrospective amendment.
(iii) change in interpretation, e.g. CBDT Circular, judgements, etc.
In case where a member is called upon to report on the revised accounts, then he / she must mention in the revised report that the said report is a revised report and a reference should be made to the earlier report also. In the revised report, reasons for revising the report should also be mentioned.


CA. Deepak Narula

( Expert )
26 September 2011

Yes, it is possible to rectify the audit report keeping in mind following things:
1. CA should collect all the original copies of audit report already submitted.
2. CA should rectify his audit report and sign the corrected report and mention the fact that what is being corrected in his report.
3. If the return is already filed, then revise the return filed because return from audited assessees are to be filed up to 30th sep and revised return can only be filed if original return is filed in time.
4. If the annual accounts are already circulated(in case of companies) among the shareholders then revised accounts need to be circulated.

Hope this clarifies.


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