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Each private limited company get the accounts audited periodically. The process is done annually before the end of the financial year by the auditor or chartered accountants (CA). The auditor evaluates the company’s documents, produces a report, and gives it to the company. The audits are conducted with the management’s recommendations.It is done to verify the company’s economic conditions and verify efficiency of the company. The Audit generates the management, including financial outputs, and it helps to make alterations in the upcoming projects and the company’s current projects.Checklist of Internal Audit of private limited companies as follows: –
Table of Contents
The following steps are involved in getting an audit done: –
The following are the type of organizations to which the Income-tax act of 1961 is applicable:-
Penalty for Form AOC-4
Penalty for Form MGT-7
Penalty for non-filing of ITR-6
Auditors play a crucial role in developing company accounts. The internal auditors create strategies from scratch. The auditors can conduct audits over specialized areas and routinely audit when they spend their maximum time and resources on their organization’s objectives.
Also Read: Effective Steps of Performing an Internal Audit SuccessfullyThe future of Internal Audit: Analysis, insights and prospectusAccount Standard 2605: Consideration of the Internal Audit Function
Minakshi Bindhani has completed LL.M. with a specialization in Criminal Law from Madhusudan Law University, Cuttack, Odisha. She is more inclined toward legal research and writing and have prior experience in Civil and Criminal litigation and content writing.
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