Board's approval of accounts,auditors report,qualification

The procedure is as under:

First the director approve the Annual Accounts and submit the accouts to the Auditors for Audit and their Audit Report, then on receipt of Audite Annual Accounts Board approve the same and then director report is being signed and at last notice of AGM issued. Not it may be done in the following two ways:

First detailed way:

1. Hold Board Meeting approve the Annual Accounts and submit it to the auditors for audit and audit report;

2. On receipt of Audited Annual Accounts, hold another Board Meeting note the qualificaitons of Auditors, if any and approve the Audited Annual Accounts;

3. In this board meeting Directors' Report is to be approved;

4. Notice is to be issued in this board meeting or subsequent board meeting, however, notice period is to be kept in the mind.

Second, practical way:

Hold Board meeting approve the accounts and submit it to the Auditors and adjurn the meeting for an hour to reassemble and take on record Auditors Report.

Reassemble the meeting and take on record auditors report, and approve Audited Annual Accounts then approve directors' report and notice in the same Board Meeting.

Only below statement would be noted in the minutes of the Board Meeting:

THE MEETING WAS ADJOURNED FOR ONE HOUR TO REASSEMBLE TO TAKE NOTE OF AUDITORS’ REPORT ON THE ANNUAL ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31^ST MARCH 2012 AND TO TRANSACT REMAINING ITEMS OF AGENDA.

Thanks Sir, Second option can be done if we want to finish it in same day.But since here in this case audit report was issued after the approval date of accounts,we will have to do the board meeting for board report after the signing of audited B/S.Correct me if i m wrong.Thanks

Correct.....

Hi,

Can annual accounts and the audited annual accounts, director reports be approved on the video conference meeting. 

If Yes, what is the procedure?

Thanks in advance.

Shakti

Ankur Sir , Please reply whether the presence of Auditor in the Board Meeting approving accounts is necessary?