Bank normally has a guideline on the period from the date of last audit to the date of submission where the financial result of this period is unaudited.
Lets take a look at the following scenario of my client :
Latest available audited account - 31 May 2007
Submission date - 16 Oct 2009
The unaudited period from Jun 07 to Oct 09 is 29 months which is far above the guideline of 18 months. Hence banks are not able to accept the application. However, certain bank can accept 24 months.
Latest available audited account - 31 May 2007
Submission date - 16 Oct 2009
The unaudited period from Jun 07 to Oct 09 is 29 months which is far above the guideline of 18 months. Hence banks are not able to accept the application. However, certain bank can accept 24 months.
The company can still submit its application provided the 31 May 2008 audit can be audited before end of Nov 09 so that the unaudited period is 17 months (Jun 08 to Nov 09).
I advised this client not to submit any application until he has completed his 31 May 2009 audit.
