A company is required to prepare financial statements for the period ending 31st March every year. Such financial statements must be given a true and fair view of the state of affairs of the company and comply with the accounting standards notified by the central government under Section 133 of the Companies Act. Such financial statements must be prepared in the form and format which may be prescribed for a specific type of company for a private limited company Schedule VI is the appropriate forum. The expression financial statement includes the following items:
Audit is a very serious business and auditors are expected to be vigilant and careful while doing audit of a company. The auditors are not required to verify each and every transaction of the company, however he must develop an audit plan which ensures that sufficient information and management representation is gathered so that the auditor is able to ascertain whether the financial statement gives true and fair view of the State of Affairs as at the end of its financial year.
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