Difference between certified balance sheet
Kollipara Sundaraiah (B.com) (2984 Points)
20 February 2023
what is the difference between CA certified balance sheet and audited balance sheet.
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 20 February 2023
When tax audit required u/s. 44AB of IT act, or by any equivalent act/authority, the balance sheet or financial statements are certified by the auditor to be compliant to the respective act or rules, is called audited balance sheet.
But when the statements are not required to be audited, but are required by some agencies like bank for loan purpose etc, in that case CA certifies the statements as to be true to his knowledge, or as per books of accounts maintained, in that case it is said to be certified BS.
sabyasachi mukherjee
(27579 Points)
Replied 21 February 2023
Certified and audited balance sheet are same.
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