Consolidated balance sheet

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During the audit, I have come up with a query regarding audit of a private limited company, which also hold more than 51% share capital in another private company.

Now my query is whether the audit report has be given on the consolidated financial statements or I can give audit report without consolidating the data.

But in case of audit report without consolidation there is non compliance of AS-21.

Please suggest.

Replies (2)

report on consolidated financial statements.

It means we have to give two separate set of financial statement. One for set of parent only with the Tax audit report and second consolidated set for the audit under companies Act.

Am I correct.


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