Are LLP regulated Are LLP regulated: The regulation of LLPs (Limited Liability Partnerships) can vary depending on the jurisdiction in which they operate. Different countries and regions have their own laws and regulations governing the establishment, operation, and compliance requirements for LLPs. In many jurisdictions, LLPs are subject to specific regulations and requirements. These regulations… Read More »
When LLP is required to audit The requirement for LLPs to undergo an audit varies based on the jurisdiction and the specific regulations in place. Here are some general guidelines regarding when an LLP may be required to undergo an audit: Size Criteria: In many jurisdictions, LLPs are required to undergo an audit… Read More »
No statutory dues certificate Understanding the Significance A ‘No Statutory Dues Certificate’ issued by a Chartered Accountant serves as a declaration that the company has met all its statutory obligations concerning taxes, duties, and other dues within the stipulated timelines. This certificate is not merely a formality but a rigorous assessment of financial records… Read More »
Importance of audit report An audit report is important because it provides an independent and objective evaluation of a company’s financial statements and internal controls. Importance of audit report can be determined to know how It helps to assure the reliability and accuracy of financial information provided by a company to stakeholders such as investors,… Read More »
Types of Audit Assurance Audit Assurance, There are several types of audit assurance engagements, each providing a different level of assurance to stakeholders. The main types of audit assurance engagements include: Financial Statement Audit: This is the most common type of assurance engagement. It involves an independent auditor examining an organization’s financial statements and providing… Read More »
Contingent Liabilities Contingent liabilities can verify by reviewing the company’s financial statements and related disclosures. Companies are required to disclose significant that liabilities in their financial statements, along with a description of the nature of the liability and the likelihood of it being realized. The notes to the financial statements may also include information about… Read More »