Statutory Report

Statutory Report                                                Section 157 (5)

1. Requirement of a public ltd. company.
2. For holding statutory meeting (First meeting of company).
3. Meeting to be held after 3 Months but before 6 Months of start of the Business.
4. 21 days before the meeting, a notice of the meeting along with statutory report sends to all shareholders.
5. Report consisting of various information relating to the management and its operation.(Director’s Names, occupation, authority etc.)

Sub Section (5)

• Require an auditor’s certificate regarding correctness of share allotment against cash & receipts and payment statement.

                                i.            Share allotment of company against cash.

                              ii.            Share allotment of company without cash.

                            iii.            Receipts and payments

•       Accounts to be examine normally up to 3 months or 4 months after the           commencement of business.
• No profit & loss account and balance sheet to be prepared and examine and send to the member, to be maintain the confidence of the shareholders by avoiding any disclosure of weak information.
• The auditor take the following steps to examine the required statements:

                                   i.            Examination of M.O.A & A.O.A to confirm authorized capital and its division.

                                 ii.            Examination of prospectus issued regarding term & conditions of issued capital.

                               iii.            Examine the subscription received through different banks.

 ( Application & Amount)

                               iv.            Examine share allotment procedure (such as adjusting over & under subscription).

                                 v.            Examination of share allotment record ( such as share allotted & issued must be equal to registered of members).

                               vi.            Vouching of cash book item relating of that period.

                             vii.            Verification of cash balance from bank statement.

                           viii.            Examination of under writing commission ( not more than 1% )

                               ix.            The work to be completed and report submitted within two weeks.

                               x.            Specimen of Statutory Report

Specimen of Statutory Report

We have examine following statements along with (annexed) to our report and required to be included in the statutory report of the company under section 157 (5) of the company ordinance 1984 and we report that these statements have been found correct by us.

Share allotment against cash.

Share allotment other than cash.

Receipts & payment statements ending on 30^th September, 2103

Bank balance of the company on that day.

Subject to our notes given at the end of report:

Note No. 1:

One of the directors has not paid for his qualification shares amount Rs.400000

Note No. 2:

Company has not returned an amount of Rs.500000 related to over subscription.

Note No. 3:

Another director of the company has been paid of commission Rs.100000 on account of his services regarding registration of company.