modification of financial statements before placing in AGM

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susheel (Querist)
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22 January 2010 Dear All

My queries for you are:

1.can financial statements be modified before placing the same in the agm for adoption??

2. can the financial statements submitted to the banker as audited before placing the same in the agm and before adoption in the board, be modified?? if yes kindly suggest procedure for the same.

I would appreciate your prompt response.

Thank you.....Susheel.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 January 2010 Under the Companies Act, 1956 the annual financial statements of a company, after they are approved/signed by the Board of Directors, and the auditors report thereon are placed before the shareholders/members for their adoption at the Annual General Meeting . However, in exceptional cases, the financial statements may need to be revised/rectified. As per the Guidance Note on Auditor's Report on Revised Accounts of Companies before circulation to Shareholders issued by the Institute of Chartered Accountants of India in December 1979, a company's financial statements, duly approved/authenticated by the Board of Directors and the statutory auditors can be amended before they are circulated to the shareholders.

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susheel

susheel (Querist)
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23 January 2010 Sir thank you for your prompt response
can you quote the section for the above provision of the companies act 1956

Thank you so much...your suggestions are a real help

Rasesh

Rasesh (Expert)
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23 January 2010 Agree with expert.

The fact that the results have been re-approved should be mentioned in the Notes to Accounts specifying the change made.

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