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Effect of adverse audit report...

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(Querist)
11 July 2012 Respected Members',
what can be the possible effect when an adverse report is given to a listed company? 2)What tax or legal implication the company has to face? 3)Can the company carry on its normal day to day operating activities after the report being given? 4) After all what should the next step be for the company after receiving such report?

Please Suggest...
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
11 July 2012 Dear Friend,according to provisions of listing agreement with stock exchanges and principals of corporate governance, you have to clearify every adverse comment give by the Auditors' in their report in the Report of Board of directors. Non compliance of above does not effect going concern assumptions but SEBI and other authorities may levy penalty for the same. So take care of listing agreements in case of listed companies.Thanks
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Sanjay

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Sanjay (Querist)
13 July 2012 Thank You very much Sir...
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