Audit of Pvt Ltd Company

This query is : Resolved

Parag Badkas (Querist)
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09 April 2009 M/s XYZ PVT LTD. AS INCORPORATED IN 1980. COMPANY FILED INCOME TAX AND ROC RETURNS UPTO 1991. THE OPERATIONS OF THE COMPANY CEASED FROM 1991-92. THE ACCOUNTS WERE NOT AUDITED AND NO RECEORDS ARE AVAILABLE FOR LAST 15 YEARS. THE EXISTIG DREICTORS ARE INTERESTED TO START THE OPERATIONS AFTER DUE COMPLIANCES. HOW AN AUDITOR SHOULD PROCEED? SHOULD THE AUDITOR TAKE THE OPENING BALANCES AS OF 01.04.2008 DULY CERTIFIED BY THE DIRECTORS AND SHOULD IGNORE THE AUDIT OF EARLIER YEARS?

CMA Shrikant

CMA Shrikant (Expert)
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09 April 2009 The company did it last audit in 1991. thereafter the ceased to operate from 1991-92. so auditor should take the closing balances as on 31 march 1991 as opening balances for 1 april 2008 Or the balances certified by the directors.

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