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Unit 5 : Audit Report - Coggle Diagram
Unit 5 : Audit Report
Financial Statements
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- Change in Equity Statement
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Need for Auditor's Report (Companies Act, 2013)
- True and fair view of the company's state of affairs
- Compliance with accounting standards (Section 133)
- Presentation at every Annual General Meeting (AGM)
- Approval of financial statements by the board
- Attachment of auditor's report to financial statements
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Auditor's Opinion
- Ethical correctness of financial statements
- Reflect true and fair statement of affairs and results
- Truthfulness and fairness aspects
Requisites of a Good AR
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- Honest disclosure of discrepancies
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- Balanced criticism and logical suggestions
- Clear and unambiguous language
- Precision and completeness