One of the Company in order to repay the deposits has credited all the deposits to its P&L and thereby the resultant deposit outstanding comes to zero.
As an auditor, we are under ambiguity that once this option is exercised what options do we have so as to auditors liability is ceased.
Thanking You,
How deposit can be credited to P&L Account? You can ask for balance confirmation from the deposit holder.
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
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Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CCI
Pro
CAclubindia
