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of <h1>Board-approved financial statements require auditor report attachment; board report disclosure rules, abridged OPC/small company reporting, penalties for defaults.</h1> Financial statements, including consolidated financial statements, must be approved by the Board before being signed in the prescribed manner and submitted to the auditor, and the auditor's report must be attached to every financial statement, resulting in valid authorization and mandatory audit-report annexure for financial statements. The Board's report must be attached to statements laid before the general meeting and must contain specified disclosures (including annual return web address, board meetings, directors' responsibility statement, auditor-reported fraud details not reportable to the Central Government, policies, explanations on audit qualifications, related party transactions, risk management, CSR, and board evaluation), with permitted cross-referencing to financial statements and website-hosted policies, ensuring standardized statutory disclosure and allowing reduced repetition. One Person Companies and small companies may use an abridged Board's report, and One Person Company reporting is limited to auditor-remark explanations, reducing compliance burden. Non-compliance attracts monetary penalties on the company and defaulting officers.
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