Debtors (Subject to Cofirmation)
This query is : Resolved
07 May 2009
Dear Members,
In many balance sheets I observe a line always attached with debtors in schedule
i.e (Debtors are subject to confirmation).
May I know the source from where the auditor or management got right to attach this line.
Please reply ASAP.
Regards,
CA Rahul
In many balance sheets I observe a line always attached with debtors in schedule
i.e (Debtors are subject to confirmation).
May I know the source from where the auditor or management got right to attach this line.
Please reply ASAP.
Regards,
CA Rahul
07 May 2009
Nobody has given the right to Auditor/Management to write or include such statement in the Auditors Report. Actually it is "Obligation" on their(auditor/management) part to state whether the balances shown under the head Debtors/Creditors are confirmed with them or not.e.g If Rs.1 lacs is shown under debtors but the debtors is denying it,then this would show a wrong picture to the shareholders. Hence, in order to give correct information, if the balances are not confirmed it is shown by way of note as mentioned by you.
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