The statutory auditor has to report about the adequacy of internal financial controls of the auditee company and if the controls are effective.
Now, in the context of an unlisted private company having not much capital, no loans, not even 5 crore turnover and just break even profit, how does it really matter.
Can any one of you please share any such policies and procedures here in the forum or send to my email ID which could ensure efficient conduct of business; prevention of fraud; safeguarding of assets; accuracy of accounting records.
Regards
Dipjyoti