financial statements audited for Mall Owners
1. Income Statement :
This statement provides a summary of a mall owner’s revenues and expenses over a specific period, usually a year.
It outlines the operating performance of the mall, including rental income, operating costs, maintenance expenses, and other income sources.
Auditing the income statement ensures that the financial information accurately reflects the mall’s financial health and performance.
2. Balance Sheet:
The balance sheet presents the mall owner’s financial position at a specific point in time.
It lists the mall’s assets (such as property, fixtures, and investments), liabilities (such as loans and mortgages), and owner’s equity.
An audit of the balance sheet verifies the accuracy of asset and liability valuations, ensuring that the mall’s financial position is fairly represented.
3. Cash Flow Statement :
This statement outlines the cash inflows and outflows of a mall owner’s operations, investments, and financing activities.
It helps assess the mall’s ability to generate and manage cash. An audit of the cash flow statement confirms that the reported cash flows align with the actual transactions and that there are no discrepancies or irregularities.
Auditing these financial statements is crucial to maintain transparency, accountability, and the trust of stakeholders, including investors, lenders, and regulators.
It ensures that the mall owner’s financial information is accurate, reliable, and in compliance with relevant accounting standards and regulations in India.
To visit: https://www.incometax.gov.in
For further details access our website: https://vibrantfinserv.com