Management presentation letter

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Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2013 Dear Experts,
I have one query regarding preparation of MRL.
Management had lost all the records related with preparation of Accounts but Accounts have been prepared through the help of Bank Statements. Now management is in dilemma. what should be written in MRL as mentioning the fact about base of preparation...??

Amol S Joglekar

Amol S Joglekar (Expert)

04 January 2013 The facts should be narrated in the MRL. No harm in disclosing the FACTS.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2013 Is there any standard line for such? Please do briefly explain about the narration that need to be mentioned.

Amol S Joglekar

Amol S Joglekar (Expert)

04 January 2013 No standard line as such. But it should amount to a declaration by the management that the duly prepared accounting record has been lost on account of XXXXXXX. The management is left with no other choice but to proceed with the bank statement. Accordingly it is resolved in the meeting dated XXXXX, number XXXXX.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2013 Do Management need to pass a resolution for such? Chartered Accountant needs and assurance from management so is there any further requirement to be presented?

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