Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2011
my question are as follows:
Why private company choose to conduct internal audit of its financial statements and spend money as it is not mandatory.
Further they also choose to conduct statutory audit of its financial statements and spend huge money on it.As we know that statutory auditor reports to shareholders and in private company there is only max 50 members and they are relatives and friends,so why spend money in conducting st audit they can know there internal control weakness when they have conducted Internal audit of their financial statements..Please help me out, having difficulty with above.
Why private company choose to conduct internal audit of its financial statements and spend money as it is not mandatory.
Further they also choose to conduct statutory audit of its financial statements and spend huge money on it.As we know that statutory auditor reports to shareholders and in private company there is only max 50 members and they are relatives and friends,so why spend money in conducting st audit they can know there internal control weakness when they have conducted Internal audit of their financial statements..Please help me out, having difficulty with above.
ca cs shriyans jain
(Expert)
03 August 2011
As far as upto statutory audit. As per companies act. Every company regstrd undr companies act has to get its buks of accounts auditd so statutory audit is mandatory.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Capital Gains Tax on Inherited Mutual Fund
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
