Books of accounts to be audited by first auditor
This query is : Resolved
22 December 2014
Sir,
As the First auditor would hold the Period up to 1st AGM. For which Period First Auditor would audit the Books
As the First auditor would hold the Period up to 1st AGM. For which Period First Auditor would audit the Books
22 December 2014
suppose he is appointed in agm of 14-15 till next agm for 14-16 then he will audit books of accounts of FY 14-15
22 December 2014
Sir,
I am taking about First Auditor who is to b e appointed by Board or Members before AGM as per section 139(6)
I am taking about First Auditor who is to b e appointed by Board or Members before AGM as per section 139(6)
22 December 2014
Whichever auditor you saying under normal situation he will conduct audit for that period only.
22 December 2014
Ok Fine. Got the Answer But Suppose a co. incorporate in a F.y but dont commence business in such F.y. Not open a Bank Account too. Can First auditor of such co. would not do audit for the 1st F.Y of such co. in which business has not been commenced
22 December 2014
If oyu refer to wordings of sec 139 for appointment of auditors..it applies to all companies whether business have commeneced or not.
22 December 2014
Ok but how Balance Sheet would be Draw as Co. incorported on 21.03.14. No Bank Account opened up to 31.03.14 and no Cash Deposited by the Members in respect of Shares of Rs. 1 lac issued to them. What is the solution.
Definately we should go through the Law but law is also based on practical situations.
Sir plz advise Whether it is possible to draw Bal Sheet for F.Y 2014-15 onwards. Or there is a remedy for same.
Definately we should go through the Law but law is also based on practical situations.
Sir plz advise Whether it is possible to draw Bal Sheet for F.Y 2014-15 onwards. Or there is a remedy for same.
22 December 2014
if there are no transactions then the balance sheet and p n l shall remain nil only nothing wrong in it as that is practical situation.
22 December 2014
Thank a Lot Sir for your answer.Is there is need to take advise from somebody else or no need as I am also convinced with the same.
22 December 2014
even if you take other advise the ans will be same so this is final solution in your case.
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