what is the solution for this?
This query is : Resolved
CA. SUDHARSAN K G
(Querist)
06 October 2007
Ravikumar.G
(Expert)
06 October 2007
They can rectify that entry in subsequent year if there is any material change as per AS 5 - they have to show it as a Prior period items. Error of ommission and commssion are possible while do accounts.
07 October 2007
Once the accounts adopted in the AGM the same can't be revised. Any ommissions or mistakes realised later are to be rectified in next year/years only as clarified by Mr. Ravikumar. Then your question may be that what is the responsiblity of the auditor in respect of such ommission. The management has to prepare final statement of account and the auditor is to express his opinion on such accuount. The auditor is liable for professional negligence subject to ca regulations.
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