Qualifiaction in audit report
This query is : Resolved
Neha Sanjay Sarawagi
(Querist)
14 December 2012
My Client has not followed the revised AS 26 and has capitalised preliminery expenses to write it off in five years. Should i qualify my audit report for the same?
Manish Aggarwal
(Expert)
14 December 2012
Depending upon the amount if it is considerable and books of accounts does not presents the true and fair view of financial position then you must qualify the report.
14 December 2012
It is a violation of section 211 (3A) of the companies Act,1956 leading to a disclosure as per section 211 3(B) of the said act by way of a note in the 'notes on accounts' with a particular reference in the audit report stating that the accounts are true and fair subject to the non compliance of AS 26.
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