08-19-2010, 03:16 AM
It may not impact the opinion of the auditors as they are suppose to give their opinion whether or not books of account give true and fair view in accordance with applicable laws and IASs. They may wish to cover it in BOD covering letter to initialled report. However, as per CO 1984, if the business conducted with less then minimum number of directors required they will be personally liable to pay the debts contract during the period.
*It is supposed that all the members are also directors.
*It is supposed that all the members are also directors.
