Statutory Audit under the Companies Act
Key Aspects of a Statutory Audit under the Companies Act, 2013:
A statutory audit under the Companies Act, 2013 is a legally required audit of the financial statements of a company. This audit is conducted to verify the accuracy of the company’s financial records, ensuring they reflect a true and fair view of its financial position and performance. The statutory audit is mandatory for all companies, regardless of their size or turnover, as per the provisions of the Companies Act.
A statutory audit is a crucial process that ensures that a company’s financial records comply with legal requirements, represent a true and fair view, and promote transparency. It enhances the credibility of financial statements, which is vital for stakeholders, including investors, creditors, and regulatory authorities. The audit process under the Companies Act, 2013 is designed to protect the interests of all stakeholders and uphold the integrity of corporate financial reporting.
Summary of Documents & Requirements
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