my question are as follows:
Why private company choose to conduct internal audit of its financial statements and spend money as it is not mandatory.
Further they also choose to conduct statutory audit of its financial statements and spend huge money on it.As we know that statutory auditor reports to shareholders and in private company there is only max 50 members and they are relatives and friends,so why spend money in conducting st audit they can know there internal control weakness when they have conducted Internal audit of their financial statements..Please help me out, having difficulty with above.
CAclubindia
