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Audit of companies

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 September 2010 Whether audit of companies are compolsory under the company act ,if yes then under which section?
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CA.Mini

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CA.Mini (Expert)
13 September 2010 Section 209 read with sec 210 says that the books to be kept for AGM should be audited and the financial statements includes audit report.
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VINOD ARORA

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VINOD ARORA (Expert)
14 September 2010 Audit of accounts is compulsory and indispensable part of incorporated business, i.e. with the other people’s money. Shareholders are generally laymen, thus there arises a need of an agency to stand in between the shareholders and management, i.e. auditors.

Section 224 (1) of the Companies Act, 1956 states that every company whether it is public or private limited shall have an auditor to audit its accounts.
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Ankur Garg

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Ankur Garg (Expert)
14 September 2010 Agree with expert

Statutory audit of a company is mandatory u/s 224 and there is no escape route.

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