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Producer Company shall carry out an internal audit at such interval specified in the article by a Chartered accountant. In this article, we will discuss the audit requirement for the producer company.
Producer Company means a body corporate which have objects and activities specified in Section 581B and who has registered as producer Companies under this Act.
All Producer Companies shall place annual account along with auditors report before the annual general meeting.
Producer Company shall appoint Auditor at its Annual General Meeting.
Producer Company shall conduct an internal audit of its accountant the interval specified in articles of the Company. The internal audit shall be carried out by the Chartered accountant defined in clause (b) of subsection 2 of Section 2 the Institute of Chartered Accountants Act 1949.
Every Producer Companies shall attach independent auditor report by a chartered accountant. Any qualification of the auditor shall be duly mentioned in the report.
Every producer Companies shall prepare annual return which shall contain the following:
Audited balance sheet and profit and loss accounts
Independent Auditor Report
Certificate from Auditor.
Every Producer Companies shall file Annual General Meeting proceeding along with Director’s Report, the audited Balance sheet, and the profit and loss account along with Auditors report with Registrar within sixty (60) days of the date of Annual General Meeting of the producer Company.
The above shall be filed with an annual return along with the required fees.
Any below-mentioned default by Directors of the Producer Company amount to the penalty:
The company may be punishable by the fine Rupee 1 Lakh. If the default is in the nature of continuance than the everyday penalty of rupees 10,000 is levied till the default continues.
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