define auditing,interim audit,remuneration of an auttitor in Hindi
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Answer:
Proper and accurate compilation of financial information of a corporate and its disclosure, in a manner that is standardized and understood by stakeholders, is central to the credibility of the corporates and soundness of investment decisions by the investors. The preparation of financial information and its audit, therefore, needs to be regulated through law with stringent penalties for non-observance. It would however, not be feasible for the law to prescribe all the details guiding the treatment of this subject. This is a technical matter which needs to be gone into by experts keeping in view the requirements of proper disclosures of financial information in the interests of healthy corporate governance. However, once developed, use of such principles should be mandated through law. Accounting Standards serve a vital function in this respect. These should be developed keeping in view international best practices and provided statutory backing. There should be integration of Accounting Standards with substantive law
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