Question

when the audit of company account was made compulsory in india​

Answer 1

Answer:

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Explanation:

yes

companies Act 1913

In India, thecompanies Act 1913 made audit of company accountscompulsory with the increase in the size of the companies and the volume oftransactions. The main objective of audit shifted to ascertaining whether theaccounts were true and fair rather than true and correct.

Answer 2

In the year 1913 the audit of company account was made compulsory in India.

• Auditing of company account refers to the checking and verification of accounts by an independent professional like Auditors, Chartered accountant to make sure that particular company accounts are carried as per the companies regulation and to check if the transaction in the account are fair.

• " Companies Act 1913 for the first time made it compulsory for the joint stock companies to get their accounts audited by a qualified Accountant.

• Hence from the companies act every private limited company must compulsorily get thier annual accounts audited by each year.