Statutory Audit - Step 6
Step 6: The Audit report: The final audit report is made after complete analysis and understanding of the financial statements and after all areas of concern have been satisfactorily addressed. The audit team then presents its report to the company’s board or audit committee.
The arrival of the annual statutory audit should not serve as a warning signal. It should rather become a part and parcel of a company’s systematic function. Scientologists use the term ‘auditing’ synonymously with counselling. A hassle-free audit can be ensured with knowledge of the process, proper organization, and preparedness.
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