Why do you think audit should be conducted? If there was no statutory requirement under companies act, would you still do an audit?

Audit is conducted to provide assurance and enhance the credibility of financial information presented by an organization. It serves several important purposes: 1. Compliance: Audit ensures that the financial statements and records of an organization comply with applicable laws, regulations, and accounting standards. It helps in verifying the accuracy and completeness of financial information, thereby…...

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