Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


Short Summary

In this editorial, the author shall discuss the Quick bites on 'Signing of the Financial Statement in the COVID 19 period'. Here we have attempted to clarify all those questions relating to the same.

QUICK BITES

1. What should be the date of signing of the Balance sheet/ Financial statement?

Date of signing of the Balance sheet shall be any date on or after the date of Board Meeting in which the Financial Statement are approved by the Board of Directors.

FAQs on Signing of Financial Statement

2. Whether the Auditor and the Director can sign the Financial Statements on different dates?

Financial statement shall be first sign by the Directors and then same shall be signed by the Auditors of the Company. However, date of signing of the financial statement by the directors and auditors can be different.

 

3. What is the due date for holding the Board Meeting for the approval of the Financial Statements?

A company is required to adopt the Financial Statement in the Annual General meeting. Due date of Annual General Meeting is 6 months from the end of the financial year i.e. 30th September. Therefore, one can opine that the due date of holding of the Board Meeting for the approval of the Financial Statement is on or before 30th September in case the financial year ends on March 31.

4. Whether the Company Secretary is required to sign the Financial statement?

Signing of the Financials by the Company Secretary: If a Company is having the Whole time Company Secretary, then it is mandatory to get the Financial Statement signed from the Company Secretary.

5. Whether the director and the auditor can sign the financial statement on different places?

Place of signing of the Financial Statement: Place of signing of the Financial statement by the Auditor and the director can be same as well as different. If both the person sign on different place.

 

6. Can the Additional Director sign the Balance Sheet?

Yes, the Additional Director can sign the Balance Sheet. As the additional director is having the term as a director upto the Annual General Meeting of Company.

7. Whether it is mandatory to get the Financial statement signed from CFO / CEO?

Signing of the Financials by CFO / CEO: If a Company is having CFO / CEO, then it is mandatory to get Financial statement signed from them as well.

8. Can one Director and Auditor sign the Financial Statement?

As per Section 134 of the Companies Act, it is mandatory that the financial statement should be signed by at least two directors.

9. Can an independent Director sign the Financial Statement?

Independent Director being a director of the Company is allowed to sign the financial statement of the Company.

10. Do the shareholders need to approve/ adopt the Financial Statement?

Once the Financial statement of the Company is signed by Directors and the Auditor, it is need to bead opted by the shareholders in the Annual General Meeting of the Company.

"Loved reading this piece by CS Divesh Goyal?
Join CAclubindia's network for Daily Articles, News Updates, Forum Threads, Judgments, Courses for CA/CS/CMA, Professional Courses and MUCH MORE!"




Tags :



Category Corporate Law, Other Articles by - CS Divesh Goyal 



Comments


update