1. Fines and penalties from the government.
2. Loss of public trust.
3. Damage to the company’s reputation.
4. Difficulty obtaining loans or lines of credit.
5. Increased scrutiny from regulators.
6. Delayed or denied tax refunds.
7. Legal action by shareholders or creditors.
8. Inability to attract and retain qualified employees.
9. Difficulty entering into new contracts.
10. Increased risk of financial fraud.
11. The specific consequences that a company faces will depend on the circumstances of the delay, the severity of the violation, and the regulatory environment in which the company operates. However, all of the consequences listed above can have a significant negative impact on a company’s business.
To avoid these consequences, it is important for lodging–hotels, motels, and resorts to file their statutory audits on time and in accordance with all applicable regulations.
For further details access our website: https://www.mca.gov.in/
There are a number of steps that companies can take to ensure that they meet their statutory audit filing deadlines, such as:
- Ensuring that they have a well-defined audit process in place.
- Selecting a qualified auditor.
- Providing the auditor with all necessary documentation and information.
- Communicating regularly with the auditor throughout the audit process.
- Taking corrective action promptly if any problems are identified during the audit.
For further details access our website: https://vibrantfinserv.com