A board meeting is a formal gathering of a Board of Directors. Most of the organizations, being public or private, profit or non-profit, are ultimately governed by a body commonly known as Board of Directors. The members of this body cyclically meet to discuss strategic matters.
As per the Companies Act, every Company needs to get their books of accounts audited by an independent auditor annually. An auditor is appointed/re-appointed every year in the AGM.
An auditor, after completing audit issues the audit report to the shareholders of the Company stating the opinion on the activities carried out by the business during the Financial Year.
Thus, review your Board Meeting Minutes immediately after the meeting. When your board meeting minutes are complete and finished, make sure they are distributed to board members as soon as possible. Once the minutes are approved by a vote of the members during the board meeting, they become part of the official record of the organization. It’s important that a copy of all minutes are kept in one place.
The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient and appropriate evidence to support the auditor’s opinion.
The Directors’ Report shall be made out no less than 14 days before the date of the Annual General Meeting (AGM). The report shall be made in accordance with a resolution of the directors, specifying the day on which it was made out and be signed by at least two directors.
The Directors’ report is produced by the Board of Directors and outlines the financial state of the Company. The other reports which make up a Company’s statutory accounts include a balance sheet, a profit, and loss statement and, in some cases, an auditor’s report.