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audit finalisation

Kushal (Student) (225 Points)

22 March 2009

can any one pls help me and tell me that what
does audit finalisation mean ?>
I have been involved in various audits, but i dont knw that
what we actually do in audit finalisation ?

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2 Replies

CA CS VINAYAK PATIL (CHARTERED ACCOUNTANT) (921 Points)
Replied 22 March 2009

it means finalisation of account i.e. account close and follow procedure as per income tax rule and also as company law

Vrnanda (auditor) (110 Points)
Replied 26 April 2009

Hai, In simple words Finalization is nothing but you are (auditor and managment) ok with the final set of the financials. You are done with your work, and no further need to be done on the financials and you are satisfied yourself that the financials are true and fair. I hope this will help.