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Statutory Audit - Help????

RAKESH (Almost CA) (2199 Points)

12 August 2010

Hi guys please answer my query

we have a firm which was a partnership concern during the previous year 2009-10. At the fag end of the year i.e on 15th march our partnership concern converted into the pvt. ltd company . whether we need to prepare statutory report under the companies act for the previous year 2009-10. Please quote section and case law for the above query if possible.

Looking forward to answers......

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5 Replies

ajithasai (m.ajitha) (95 Points)
Replied 13 August 2010

whether we need to prepare statutory report under the companies act for the previous year 2009-10. Please quote section and case law for the above query if possible.

regards,

phe9oxis,

(Guest)

Hai..............
Good morning............
Welcome to this forum.....
One conducted to meet the particular requirements of a governmental agency. Where such audits take place, the scope and audit programs are set by the governmental body. Banks, insurance companies, and brokerage firms have statutory audits. Since the auditor's report must conform to standards required by the governing agency, the statements and other financial data generated from these audits may not conform to Gaap.
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regards ,
phe9oxis.
https://www.guidebuddha.com

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 13 August 2010

HEY RAKESH,

ACCOUNTS HAS TO BE PREPARED AND GET AUDITED FOR EACH FINANCIAL YEAR. HOWEVR AS PER SECTION 210, A FINANCIAL YEAR MAY BE MORE R LESS THAN CALENDER YEAR UT IT SHALL NOT MORE THAN 15 MONTHS.

ANNUAL ACCOUNTS MUST BE REQUIRED TO LAID AT EACH AGM. SINCE U R NEWLY INCORPORATED COMPANY, FIRST AGM WOULD REQUIRED TO BE HELD ON OR BEFORE 18 MONTHS FROM THE DATE OF INCORPORATION OF THE COMPANY. I.E. BEFORE 15TH SEPTEMBER 2011.

AT FIRST AGM, U CAN PREPARE AND LAID DOWN ACCOUNTS FOR THE PERIOD 15TH MARCH 2010 TO 31ST MARCH 2011. LATER ON PASSED THE BARD RESOLUTION TO CHANGE FINANCIAL YEAR FROM MORE THAN 12 MONTHS SA MENTIONED ABOVE TO NORMAL FINANCIAL YEAR (I.E. APRIL TO MARCH).

REGARDS,

MANOJ

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 13 August 2010

Statutory Audit is Compulsion

weather it Work as 1 Days as a company in a p[articlual year

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8310 Points)
Replied 13 August 2010

Originally posted by : Manoj B. Gavali
	HEY RAKESH, ACCOUNTS HAS TO BE PREPARED AND GET AUDITED FOR EACH FINANCIAL YEAR. HOWEVR AS PER SECTION 210, A FINANCIAL YEAR MAY BE MORE R LESS THAN CALENDER YEAR UT IT SHALL NOT MORE THAN 15 MONTHS. ANNUAL ACCOUNTS MUST BE REQUIRED TO LAID AT EACH AGM. SINCE U R NEWLY INCORPORATED COMPANY, FIRST AGM WOULD REQUIRED TO BE HELD ON OR BEFORE 18 MONTHS FROM THE DATE OF INCORPORATION OF THE COMPANY. I.E. BEFORE 15TH SEPTEMBER 2011. AT FIRST AGM, U CAN PREPARE AND LAID DOWN ACCOUNTS FOR THE PERIOD 15TH MARCH 2010 TO 31ST MARCH 2011. LATER ON PASSED THE BARD RESOLUTION TO CHANGE FINANCIAL YEAR FROM MORE THAN 12 MONTHS SA MENTIONED ABOVE TO NORMAL FINANCIAL YEAR (I.E. APRIL TO MARCH). REGARDS, MANOJ