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No formal annoncement is required.

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Luigi Torphy

Lvl 10
3y ago

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Continue Learning about Accounting

Why does the companies act make it a requirement for public companies to be audited?

The Companies Act mandates audits for public companies to ensure transparency and accountability in their financial reporting. Audits provide an independent verification of a company's financial statements, which helps protect shareholders and the public from fraud and mismanagement. Additionally, regular audits enhance investor confidence by providing assurance that the company operates within legal and regulatory frameworks. This requirement ultimately promotes trust in the capital markets and supports overall economic stability.


What is the audit requirement for public companies?

That depends of the laws of the country in which the company is registered. As you have not specified this in your question we can not provide you with a precise answer. Please take care to make your questions precise.


What is press statement?

A press statement, often called a press release, is an official announcement issued to the media to communicate important information about an organization, event, or development. It typically includes details such as the who, what, when, where, and why, along with quotes from key stakeholders. The goal is to inform journalists and the public, generate media coverage, and shape the narrative around the subject matter. Press statements are a vital tool for managing public relations and communicating effectively with audiences.


Are tax returns considered public record?

No. Tax returns are considered private financial matters and are not made available to others who for some reason think they are entitled to get into your business. Sometimes politicians may release their tax returns but this is a voluntary move on their part and is in no way a requirement for anyone.


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