Statutory Audit Significance
Statutory Audit Significance Sure, here is a unique answer to the question. The purpose of a statutory audit for books and stationery traders is to:
1. Provide assurance to shareholders, creditors, and other stakeholders that the books and records of the trader are accurate and reliable.
2. Identify any potential financial irregularities or fraud.
3. Help to ensure that the trader complies with all applicable laws and regulations.
4. Protect the interests of the trader’s customers.
5. Promote good corporate governance practices.
In addition to these general purposes, a statutory audit for books and stationery traders may also be specifically required by law or regulation.
For example, in India, all companies with a turnover of more than INR 25 crores are required to have their books audited by a qualified auditor.
The specific procedures and requirements for a statutory audit will vary depending on the jurisdiction and the size and complexity of the trader’s business.
However, all statutory audits will involve the auditor reviewing the trader’s financial records, assessing the internal controls, and making inquiries of management.
The auditor will then issue a report that expresses their opinion on the fairness of the trader’s financial statements. This report is a valuable tool for stakeholders in making informed decisions about the trader.
To visit: https://www.mca.gov.in/
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