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Negative Cash Balance

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(Querist)
25 August 2009 Wht is the implication of negative cash balance on any day on the financial statements and as an auditor what should be the recommendation to the client?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 August 2009 Prima facie the accounts are not true and correct.Before finalizing the audit, along with other observations, the auditor may ask the auditte to explanation in writing the reasons for -ve cash balance. After getting the reply,frame the audit report accordingly.
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CA Sumit Arora

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CA Sumit Arora (Querist)
26 August 2009 But what are the implication of negative cash balance. Sir,Can u forward me any format of internal audit report?
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