21 September 2012
Our Statutory Auditor marked in Audit Report that for purchase of Fixed Assets their should be minimum 3 quotation taken from different vendor
i wana to ask that under whihc law or rule this is mentioned to take minimum 3 quotation
21 September 2012
Statutory auditor can not comment on the financial statement unless he does not have conclusive evidence to substantiate the transaction. There is no rule/law as such for quotations for puchase of fixed assets. However, it is very imortant document for internal control. he can put his remarks in the CARO for weakness in the internal control.
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