Question

An audit by qualified persons which as a compulsory requirement under act is know as​

Answer 1

Answer:

A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. ... Simply Tax Audit means, an audit of matters related to tax.

Explanation:

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Answer 2

It is known as a Statutory Audit.

• The process of formal scrutiny of a company's financial accounts is known as auditing.
• The primary goal of such an audit is to conduct a legal examination and provide an educated opinion on the financial statements of the reviewed business.
• The judgment concerns whether the reports present an accurate and fair picture of the situation and if they were properly prepared in accordance with accounting rules.
• After the audit is completed, the auditor might recommend changes to the accounting system to correct the errors.