Revision of financial statements and audit report

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Goutam Jain (Querist)
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02 February 2012 Whether under the Companies Act, 1956 (the Act), the annual financial statements (balance sheet and profit and loss account) of a company, after they are approved/signed by the Board of Directors, and the auditors report thereon are adopted by the shareholders/members at the Annual General Meeting (AGM)can be revised or reopened?For instance, certain material facts may come to the auditors attention after the adoption of annual financial statements and wants to disclose it,So whether the auditor has to qualify the Audit Report or can he revise/reopen it to?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 February 2012 Please go through general circular No. 1 dated 13/1/2003 and 5 dated 22/11/2010 in www.mca.gov.in and decide accordingly.

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