Audit of companies
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2010
Whether audit of companies are compolsory under the company act ,if yes then under which section?
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.
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.
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.
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.
Revert if there is any doubt
Statutory audit of a company is mandatory u/s 224 and there is no escape route.
Revert if there is any doubt
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