Statutory Audit & correction in A/c thereafter : Compliance

This query is : Resolved

Ghuliani (Querist)
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28 July 2008 A company has passed its Accounts in the Board Meeting and passed on the same to statutory auditors. Statutory Auditors in the course of their Audit has come across observation and modification to the accounts as approved by the Board has been carried out. The modification were basically in the nature of some classification of accounts/expenditure , and enhanced Depreciation on some assets which have been totally lost their usefulness which has marginally affected the netprofit/loss figures.
The question which now arises is whether the accounts which have now been modified based on the statutory auditor observation needs to be put up to Board for approval or Not?
If Yes, then what will be the secretarial procedure for the same, Can the Board Meeting is to be called again or it can be done through circular resolution?
If No, then what exactly is the sanctity of Board approval at the first place.
Will be thankful to the respondent if Answers to the above may please also be forwarded to ghuliani@gmail.com also.
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Ghuliani