An Enclosed Adverse Audit Report has been issued by an Auditor on Madras Fertilizers Limited for the A.Y.2007-08.
Facts:
1. The Company has Shown "Pending Disputes In Madras High Court" as "Claims Recoverable" in Balance Sheet instead of Contigent Assets
2. The Company has NOT Compiled with "ACCOUNTING STANDARD-2" in Valution of Inventories
3. The Company's accounts should NOT have been compiled on "GOING CONERN" basis.
Pls go Through this Auditor Report for your references.
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