STATUTORY REPORT

Statutory audit of a public company implies the audit of the transactions of the company which are the subject-matter of the report under section 165(4). The auditor, however, has to certify as correct only as much of the Statutory Report as relates to the shares allotted by the company, cash received in respect of such…

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COST AUDIT

It is an audit process for verifying the cost of manufacture or production of any article, on the basis of accounts as regards utilisation of material or labour or other items of costs, maintained by the company. According to sub-section (2) of section 233(B), a cost auditor shall be appointed by the Board of Directors…

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SPECIAL AUDIT

Section 233 A empowers the Central Government, in certain cases, to call for a ‘special audit’. Such an audit may be required where the Central Government has reasons to believe:  that the affairs of the company are not being managed on sound business principles or according to prudent commercial practices; or that the company is…

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JOINT AUDIT

The practice of appointing Chartered Accountants as joint auditors is quite widespread in big companies and corporations. Joint audit basically implies pooling together the resources and expertise of more than one firm of auditors to render an expert job in a given time period which may be difficult to accomplish acting individually. It essentially involves…

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SPECIMEN REPORT

SPECIMEN AUDITOR’S REPORT TO THE MEMBERS OF THE COMPANY The Members of ………………(name of the Company)1 1. We have audited the attached balance sheet of ………………. (name of the company), as at 31st March 20XX, the profit and loss account and also the {cash flow statement}2 for the year ended on that date annexed thereto.…

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