An annual audit of a private limited company is required by the Act and Company Law Rules. A company audit is the examination of its books of accounts to ensure their accuracy. The auditor must examine various books of accounts, vouchers, and bills to determine their accuracy and proper maintenance. To conduct the audit, the company must appoint an auditor. That is where FinBeeka is there for your aid.
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Audit Services
We as Internal auditors involve in the process of reviewing and analyzing financial documents and data within a company. Thus, you can ensure that the information is correct and that the company is in compliance with all applicable laws and regulations.
- Internal Audit
- Stock verification
- Monthly review of financial statements.
Frequently Asked Questions
Audit is an independent examination of financial information of an entity, irrespective of its form, nature, and objective, with a view to express an opinion on such financial information
As per section 129 of the Companies Act, 2013 – Every year, Board of Directors shall submit the financial statements to the members in the Annual General Meeting (AGM).
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- As you know – Members/Shareholders of the company are the real owners of the company;
- As the members of the company cannot run the business together (especially listed companies), they appoint Board of Directors;
- BOD is ultimately responsible to the members. BOD creates the hierarchy, establishes the controls and runs the business through the management;
- BOD is responsible to prepare the financial statements. (Just imagine, how to ensure whether these Statements give true and fair view?)
- To check and report on the financial statements, members of the company appoint an auditor. In the case of a company, it is a statutory requirement U/s 139 of the Companies Act, 2013 to appoint an auditor– hence, such auditor is called “Statutory auditor”.
Board of Directors are the TCWG in case of a company – They take all the operating and financial decisions of the company in the board meetings. BOD includes Managing director, Whole time directors (Executive directors) & Part time directors (non-Executive directors).
Audit (examination) is conducted with an objective to express an opinion on the financial statements as to whether financial statements:
- prepared by the management give true and fair view of financial position and performance.
- comply with the applicable Financial Reporting Framework are FREE from material misstatements, whether due to Fraud or Error
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