A private limited company prepared a statement of accounts (including BS & PL) for the half year ended 30.09.2012. This was signed on 31.12.2012 by two directors and the auditors. This half yearly financials was prepared primarily for the purpose of submitting it to an authority while bidding for a tender.
The problem is that the CS of this company was appointed in the second week of Dec 2012 and the company did not get the balance sheet signed from him. As per my understanding, CS is also required to sign the balance sheet, even if it is half yearly.
Is there any non-compliance? Is the company required to consider the half yearly balance sheet in a board meeting (on 31.12.2012)? If not, I believe the non-compliance could be avoided by saying that the financial statements were prepared for a specific purpose; it was not considered in a board meeting, hence not signed by CS.
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