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Question
_________is prohibited by statute to get its accounts audited by a qualified chartered accountant.
_________is prohibited by statute to get its accounts audited by a qualified chartered accountant.
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Solution
The correct option is D None of these
Audit is compulsory as per the provisions of Income Tax Act and Companies Act depending on the business volume. Accounts of all entities wherever required are to be audited by a qualified Chartered Accountant. Hence , sole proprietorship, partnership and joint stock companies are under the preview of compulsory audit.
Audit is compulsory as per the provisions of Income Tax Act and Companies Act depending on the business volume.
Accounts of all entities wherever required are to be audited by a qualified Chartered Accountant. Hence , sole proprietorship, partnership and joint stock companies are under the preview of compulsory audit.
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