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Question ID : 41126

047887

he Society land conveyance deed was executed in favor of the society on 01.Oct 2019 i.e. during the FY 2019-20. The Land now becomes asset of the Society. However, while preparing the financial statements, neither the Managing Committee nor the Auditor considered this fact to include this land as an asset of the Society. There are few more assets which are also not considered while preparing the financial statements. When brought it to the notice of both, the auditor is of the opinion that this is a technical error and will be corrected in future years. My question is that, does this amount to negligence on the part of Auditor? Can it be referred to disciplinary committee? Thanks

Posted by CA. LONIKAR SHASHIKANT ACHYUTR on Aug 25, 2021

Filed Under AUDIT

Answer ID : 81254

It's not technical error, since balance sheet doesn't represent financial statements as on particular date

Posted by Hari Beldona on Aug 25, 2021