revision of financial statments

Company Act does not contain any specific provision for the same but ICAI has issued a guidance note which says that Audited financial statement can be revised if it has not been circulated to member and place before share holder at AGM and by fulfilling following condition -

1) Auditor must take return all the copies of his previous audit report & Accounts.

2) Revised Accounts will be re approved by BOD.

3)Then auditor will issue fresh audit report on revised Accounts.

4) Adequate disclosure regarding revision in revised accounts shall be made by BOD.

5)Adequate disclosure regarding revised audit report is made by auditor in his audit report.

if accounts already have been adopted in AGM then revision is generally not permitted however DCA has clarified revision shall be permitted if if made for meeting the technical requirement of taxation law or of any other law AND such revision shall result in true and fair view of financial statement

and revised accounts shall be adopted in subsequent AGM or EGM also revised accounts shall be filed with registrar under section 220