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If the company is publicly owned and must submit financial statements to the Securities and Exchange Commission (SEC), an annual financial audit is a basic requirement
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Is audit required for a Partnership firm?
It is not necessary for Partnerships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.
What is the difference between Financial Audit and Cost Audit Describe each of them?
between financial audit and cost audit
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
Is audit necessary for all companies?
Audit is not necessary for all companies, in some countries the small companies are exempt from audit.
What is commercial audit and how is it different from financial audit?
A financial audit looks into the legality of the financial statements of a given company. Commercial audits confirm that a company has the right to use the brands and products that it advertises.
What is statutory audit What is the exact meaning of statutory audit?
A statutory audit is necessary by law for auditing all company’s financial health and records. In the UAE Audit firms in Dubai provide a statutory audit for all companies in UAE to check financial health by reviewing its accounts & accounting activities. Government organizations in the UAE must have their accounts reviewed by statutory auditors. A company’s shareholders can select any qualified statutory audit firm in UAE at the annual general meeting. For more info refer : What is Statutory Audit | How To Do Statutory Audit of A Company In Dubai
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of the specific agenda for which investigative audit is conducted while conventional audit objective is to find out that financial statements represents the true and nature of business or not.
How is Accountancy necessary but auditing is luxury?
It is necessary for company to maintain books of accounts and that's why accountancy is a must activity but it is not mandary to conduct audit of financial statement for private companies and only necessary for public companies.
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
What is a financial review agreement?
audit
When there is a statutory audit introduction of internal audit is not necessary at all?
false
