Question

What is Audit & Company.

Explain it ​

Answer 1

Audit is a continuous process which involves examining various compliances, risk and accounting practices. ... Copy of Directors Report and Audited Financial Statement with report of auditors has to be given to the members along with notice of AGM...

Answer 2

Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation.