CA. Rashi Goyal (Chartered Accountant) (512 Points)
08 October 2009During 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.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 08 October 2009
report on consolidated financial statements.
CA. Rashi Goyal
(Chartered Accountant)
(512 Points)
Replied 08 October 2009
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.
CAclubindia
