BCom 3rd Year Different Audit Notes Study Material

BCom 3rd Year Different Audit Notes Study Material

BCom 3rd Year Different Audit Notes Study Material: We provide to all the students BCom 1st, 2nd, and 3rd Year Auditing Notes Study material, question answers, sample papers, mock test papers, and pdf. At gurujistudy.com you can easily get all these study materials and notes for free. Here in this post, we are happy to provide you with BCom 3rd Year Different Audits in Auditing Notes Study Material.

BCom 3rd Year Different Audit Notes Study Material
BCom 3rd Year Different Audit Notes Study Material

BCom 3rd Year Different Audit Notes Study Material

AUDIT OF SOLE TRADER

Sole Traders are not legally required to get their accounts audited. Some sole traders get their accounts audited when their area of operation is large or when they do not have direct control over transactions. Despite the fact that an audit by qualified auditors is not compulsory for them, it is quite usual for sole proprietors to get their accounts audited if they are receiving their income from different sources and the accounts are being maintained by someone else. Sometimes audit becomes essential for income tax purposes.

Many a time, the auditor of a sole trader also prefers his client accounts and checks their accuracy.

Appointment. Auditors of sole propriety concerns are appointed by the sole trader himself and he determines the scope of the audit as well as the conditions under which it will be carried out. (BCom 3rd Year Different Audit Notes Study Material)

Although the auditor in such a situation does not perform his work under any statute, he will have the right to check and examine all the books of accounts and call for necessary information, these, are his basic rights without which his duty will not be complete. He has the duty to carry out audits with care and diligence and bring to the notice his client any error or discrepancy he may notice.

AUDIT OF PARTNERSHIP FIRM

There is no law that requires a partnership firm to get its accounts audited, but partners may get the accounts of the partnership firm audited for their convenience.

Appointment of Auditors. The auditor to audit the accounts of a firm is usually appointed by the partners either on the basis of a decision taken by them or to comply with a condition in the partnership agreement. The remuneration of the auditor is fixed by the partners. It is important that the letter of appointment should clearly state the nature and scope of the audit which is to be carried out.

The auditor may, particularly, ensure the application of accounting standards prescribed by the Institute of Chartered Accountants of India. In case the firm is required to get its accounts audited under the requirements of any statute, the auditor will have to qualify the report in case of non-compliance with the accounting standards. (BCom 3rd Year Different Audit Notes Study Material)

Matters to be considered before starting the audit. Before starting the audit the auditor should examine the partnership agreement and note the provisions therein as regards the following matters:

(1) Capital Contributions. The amount of capital that shall be contributed by each partner-whether it will be fixed or could be varied from year-to-year.

(2) Profit or loss sharing ratio. The proportions in which the profit shall be divided among the partners or losses shall have to be contributed by them; whether the losses shall be borne by the partners or whether any of the partners will not be required to do so.

(3) Maintenance of accounts. The provisions regard the maintenance of books of account and the matters which must be taken into account for determining the profits of the firm available for division among the partners e.g., creation of reserves, provision for depreciation, etc.

(4) Borrowing powers. The borrowing capacity of the partnership.

(5) Interest in capital and drawings. The rate at which interest will be allowed on the capital and loans provided by partners and the rate at which it will be charged on their drawings and current accounts.

(6) Salaries and drawings. Whether any salaries payable to the partners of withdrawals are permitted against shares of profits and, if so, to what extent?

(7) Management. Duties of the partners as regards the management of the business of the firm; also, the partners who shall act as managing partners.

(8) Operation of bank accounts. Who shall operate the bank account of the firm? How will the surplus funds of the partnership be invested?

(9) Restrictions on the powers of partners. Limitations and restrictions that have been agreed upon, the rights and powers of partners.

Advantages of Audit of a Partnership Firm. On broad considerations, the advantages of audit of accounts of a partnership could be stated as follows:

(1) Ease in settlement of accounts. Audited accounts provide a convenient and reliable means of settling accounts between the partners and, thereby, the possibility of the occurrence of a dispute among them is mitigated.

(2) Ease in settlement of accounts when partners leave. On the retirement or death of a partner, audited accounts, which have been accepted by the partners, constitute reliable evidence for computing the amounts due to the retiring partner or to the representative of the deceased partner in respect of his share of capital, profits, and goodwill. (BCom 3rd Year Different Audit Notes Study Material)

(3) Ease in getting loans and evidence on the sale of the business. An audited statement of accounts is relied upon by the banks when advancing loans, as well as by prospective purchasers of the business, as evidence of the profitability of the concern and its financial position. (BCom 3rd Year Different Audit Notes Study Material)

(4) For admission of a new partner. Audited statements of account can be helpful in the negotiations to admit a person as a partner, especially when they are available for a number of past years. (BCom 3rd Year Different Audit Notes Study Material)

(5) Safeguard for dormant partners. An audit is an effective safeguard against any undue advantage being taken by a working partner or partners, especially in the case of those partners who are not actively associated with the work of the firm.

From the foregoing discussion about the audit of a partnership it would be observed that like the audit of every other commercial undertaking, it culminates in the verification of the Balance Sheet and the Statement of Profit and Loss to ensure that this exhibit a true and fair state of affairs of the firm. (BCom 3rd Year Different Audit Notes Study Material)

Introduced in 2009, in limited liability partnerships, the liability of some or all the partners is limited to the extent of capital contributed by them.

Audit of Limited Liability Partnership (LLP)

An LLP is under obligation to maintain annual accounts reflecting the true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in the prescribed form has to be filed by every LLP with the Registrar every year.

Accounts of limited liability partnerships are not required to be mandatorily audited except when its turnover exceeds forty lakhs or where the capital contribution exceeds twenty-five lakhs rupees. (BCom 3rd Year Different Audit Notes Study Material)

Appointment of Auditor. The auditor of LLP is appointed by the designated partners at any time for the first financial year, but before the end of first financial year, at least thirty days prior to the end of each financial year.

The partners may fill any casual vacancy of auditors.

Maintenance of books of accounts.

LLP’s are required to maintain books of accounts which shall contain:

(a) Particulars of all sums of money received and expended and the matters in respect of which the receipt and expenditure takes place,

(b) A record of the assets and liabilities of the firm.

(c) Statement of costs of goods purchased, inventories, work-in-progress, finished goods, and costs of goods sold, by the firm.

(d) Any other particulars which the partners may decide.

Auditor’s Duty Regarding Audit of LLP

  1. The auditor should get definite instructions, in writing, as to the work to be done by him.
  2. The auditor should state:

(a) Whether the records of the firm appear to be correct and reliable.

(b) Whether he was able to obtain all information and explanation necessary for his work.

(c) Whether any restriction was imposed upon him.

  1. The auditor should read the agreement of the firm and note the following provisions:

(i) What is the nature of the business of the firm?

(ii) Amount of capital contributed by each partner.

(iii) Interest allowed in respect of additional capital contributed.

(iv) Duration of partnership.

(v) Drawings allowed to the partners.

(vi) Salaries, commission, etc. payable to partners.

(vii) Borrowing powers of the firm.

(viii) Rights and duties of all the partners.

(ix) Method of settlement of accounts between partners at the time of admission, retirement, or death, etc.

(x) Profit sharing ratio.

  1. If partners maintain a minute book of meetings the auditor should refer it for any resolution passed regarding the accounts.

BANKING COMPANIES

Banking Companies are governed by the Banking Regulation Act, of 1949, as well as by the relevant provisions of the Companies Act, of 2013, which apply to the Banking Regulation Act except in so far as the said provisions are inconsistent with the provisions of the Banking Regulation Act, 1949. (BCom 3rd Year Different Audit Notes Study Material)

Section 5(b) of the Banking Regulation Act, 1949, has defined the term banking as then below:

“The accepting, for the purpose of lending or investment, of deposits of money from the public repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise.”

Meaning of Banking Company

Section 5(c) of the Banking Regulation Act provides that any company which transacts the bank business in India is said to be a banking company. The foreign companies which transact the banking business in India come within the purview of the definition of a banking company. The Act also provides that the companies engaged in the manufacture of goods and accept deposits from the public for the financing of the business are not considered banking companies. (BCom 3rd Year Different Audit Notes Study Material)

Restrictions on Business

  1. A banking company cannot carry on any business except those businesses which are mentioned in Sec. 6(i) of the Act.
  2. Under Sec. 8, a bank is prohibited from carrying on directly or indirectly any trading business such as buying and selling of goods.
  3. Under Sec. 19, specific restrictions are placed on the nature of business of subsidiary companies that can be formed for purposes specified therein or for such purposes as are incidental to the business of banking.
  4. A banking company is not allowed to hold shares (whether as a pledge, mortgagee or absolute owner) of other companies exceeding 30 percent of its own paid-up capital and reserves or 30 percent capital of such companies, whichever is less.
  5. A banking company is not allowed to make loans or advances on the security of its own shares or grant unsecured loans or advances to any of its Directors or to firms or private companies in which it is directly or indirectly interested.
  6. It cannot hold any immovable property for a period exceeding seven years except for its own use. Any land or building received by it in satisfaction of a claim or debt must be disposed of within seven years or such a time as extended by the Reserve Bank of India.

It is needless to emphasize that the auditor of a banking company should be well familiar with the important provisions of the Banking Regulations Act, especially those relating to accounts. Though it would not be possible to quote here each and every such provision, some very important points are given below:

  1. Management

The restrictions imposed are briefly put hereunder:

(i) A banking company cannot employ or be managed by a Managing Agent.

(ii) It cannot pay its employee’s remuneration or a part of remuneration:

(a) which takes the form of a commission or of a share in the profits of the company except for a bonus, or

(b) a remuneration that is, in the opinion of the Reserve Bank, excessive.

(ii) All appointments or re-appointments of Managing Directors (not liable to retire by rotation), managers, or chief executive officers must be made with the previous approval of the Reserve Bank. Such appointments shall not be effective unless approved by the Reserve Bank.

(iv) No banking company incorporated in India shall have as a director any person who is a director of any other banking company or who is a director of other companies which among themselves are entitled to exercise voting rights in excess of 20 percent of the total voting rights of all the shareholders of the banking company. (BCom 3rd Year Different Audit Notes Study Material)

(v) The chairman, director, auditor, etc., of a banking company are deemed to be public servants for the purposes of the Indian Penal Code.

  1. Capital and Reserves

(a) Capital

(i) Under See 11, no banking company can commence or carry on business in India unless the requirements in respect of minimum paid-up capital and reserves as mentioned therein are duly complied with. (BCom 3rd Year Different Audit Notes Study Material)

(ii) In the case of a banking company incorporated outside India, a minimum prescribed ties, the value of its paid-up capital and reserves shall not be less than fifteen lakhs of rupees, and in it has a place of business in Mumbai or Kolkata or both, twenty lakhs of rupees) shall be kept deposited with the Reserve Bank of India in the form of cash or unencumbered approved Securities or partly in cash or partly in Securities. (BCom 3rd Year Different Audit Notes Study Material)

(iii) Under Sec. 12, the authorized capital of a banking company cannot be less than one-half of its subscribed capital, and the paid-up capital not be less than one-half of the subscribed capital. (BCom 3rd Year Different Audit Notes Study Material)

(iv) A banking company cannot create any charge on unpaid capital and any such charge is invalid.

(v) Under Sec. 13, a banking company cannot pay, directly or indirectly, by way of commission, brokerage, discount, or remuneration in any form in respect of any shares issued by it, more than 212% of the paid-up value of the shares.

(b) Reserves

(i) Under Sec. 17, every banking company incorporated in India shall maintain a Reserve Fund and shall, out of the net profits of each year and before declaring any dividend, transfer 20% of the profits to the Reserve Fund irrespective of the fact that the amount of the Reserve Fund is equal to the paid-up capital. Banking companies incorporated outside India (and operating in this country) have to maintain a reserve of 20% of their net profit earned in India. This amount shall have to be deposited with the Reserve Bank in addition to the amount deposited under Sec. 11 of the Banking Regulations Act.

(The net profits are to be calculated as under Sec. 198 of the Companies Act, 2013.)

(ii) If any sum has been appropriated from the Reserve Fund or the Share Premium Account, it should be reported to the Reserve Bank within 21 days of such appropriation. (BCom 3rd Year Different Audit Notes Study Material)

(c) Cash Reserves

(i) Under Sec. 18, every banking company not being a Scheduled Bank shall maintain a Cash Reserve with itself or with the Reserve Bank or the State Bank of India or any other bank notified by the Central Government on this behalf, a sum equal to at least 3% of the total of its time and demand liabilities in India and shall submit to the Reserve Bank before the fifteenth day of every month a return showing the amount so held on Friday of each week of the preceding month with particulars of its time and demand liabilities in India on each such Friday.

(ii) Under Sec. 42 of the Reserve Bank Act, every Scheduled Bank is required to maintain a Cash Reserve of some fixed amount as specified therein (i.e., an average daily balance, the amount of which shall not be less than 3 percent of the time and demand abilities), however, this amount may be raised up to 15 percent of the total time and demand liabilities (Sec, 18). The Reserves Bank can ask any Scheduled Bank to deposit with it an additional amount which should not exceed fifteen percent of its time demand liabilities.

Besides the above requirements, a banking company is required to maintain in India, cash, gold, and unencumbered securities amounting to not less than twenty-five percent of its total time and demand liabilities. Assets in India of every banking company should not be less than seventy-five percent of its time and demand liabilities in India at the close of 1st Friday of every quarter.

  1. Dividend

For the purpose of dividend, Sec. 15 may be reproduced hereunder:

(1) No banking company shall pay any dividend on its shares until all its capitalized expenses including preliminary expenses organization expenses commission, brokerage, amounts of losses incurred, and any other item of expenditure not represented by tangible assets) have been completely written-off. (BCom 3rd Year Different Audit Notes Study Material)

(2) Notwithstanding anything to the contrary contained in Sub-Sec. (1) or in the Companies Act, 2013, a banking company may pay dividends on its shares without writing off:

(i) The depreciation, if any, in the value of its investments in approved Securities in any case where such depreciation has not actually been capitalized or otherwise accounted for as a loss:

(ii) The depreciation, if any, in the value of its investments in shares, debentures, or bonds (other than approved securities) in any case where adequate provision for such depreciation has been made to the satisfaction of the auditor of the banking company.

(iii) The bad debts, if any, in any case where adequate provision for such debts has been made to the satisfaction of the auditor of the banking company.

As stated earlier, a Statutory Reserve Fund is required to be created out of the profits before the declaration of any dividend. These provisions are also applicable to nationalized banks and regional rural banks.

  1. Annual Accounts

According to Sec. 29, a banking company incorporated in India is required to prepare at the end of each Calendar Year a Balance Sheet and Profit and Loss Account on the last working day of the year in respect of all business transacted by it (every banking company incorporated outside India, in respect of all its business, transacted in India) in the forms as prescribed in the Third Schedule of the Act or as near thereto as circumstances permit. (BCom 3rd Year Different Audit Notes Study Material)

Provided that in the case of a banking company incorporated outside India, the profit & loss account may be prepared on a date not earlier than two months before the last working day of the year. (BCom 3rd Year Different Audit Notes Study Material)

The Balance Sheet and Profit & Loss Account in the case of a banking company incorporated in India must be signed by the Manager or the principal officer of the company and when there are more than three directors of the company, by at least three of those directors or by all the directors if there are not more than three directors, and in case of a banking company incorporated outside India, by the manager or agent or the principal officer of the company in India. (BCom 3rd Year Different Audit Notes Study Material)

  1. Audit

Section 30 of the Act is reproduced hereunder:

1 The Balance Sheet and Profit and Loss Account prepared in accordance with Sec. 29 shall be audited:

(a) in the case of a banking company incorporated in India, by a person duly qualified under any law for the time being in force to be an auditor of companies.

(b) in the case of a banking company incorporated outside India, either by such auditor as aforesaid or by a person duly qualified to be an auditor under the law of the country in which the company is incorporated.

(1-A) Notwithstanding anything contained in any law for the time being in force or any contract to the contrary, every banking company shall, before appointing re-appointing, or removing any auditor obtain the previous approval of the Reserve Bank.

(1-B) Without prejudice to anything contained in the Companies Act, 2013, or other law for the time being in force, where the Reserve Bank is of the opinion that it is necessary in the public interest or in the interests of the banking company to audit accounts of the banking company in relation to any transaction or class of transactions specified in the order and the auditor shall comply with such directors and make a report of such audit to the Reserve Bank and forward a copy thereof to the company.

(1-C) The expenses, or incidental to, the audit of the transactions or class of transactions specified in the order made by the Reserve Bank shall be borne by the banking company. (BCom 3rd Year Different Audit Notes Study Material)

(2) The auditor shall have the powers, to exercise the functions vested in and discharge the duties and be subject to the liabilities and penalties imposed on, auditors of companies by Sec. 143 of the Companies Act, 2013.

  1. Branch Office Audit

Under Sec. 5(cc) of the Banking Regulation Act, 1949, ‘Branch’ or ‘Branch Office in relation to a banking company means any Branch or Branch Office, whether called a Pay Office or Sub-pay Office or by any other name, at which deposits are received, cheques cashed or money lent, and for the purposes of Sec. 35, includes any place of business where any other form of business referred to in Sub-Sec. (1) of Sec. 6 is transacted. (BCom 3rd Year Different Audit Notes Study Material)

Appointment of Branch Auditor

The following can be appointed as Branch Auditor to audit the accounts of a branch of a bank:

(i) The Statutory Auditor of the Bank;

(ii) Any person who is qualified to be appointed as auditor of the Bank;

(iii) In the case of a Branch in the Foreign Country:

(a) Any person as in (i) and (ii) above, or

(b) Any person who is qualified for appointment as an auditor of a bank according to the laws of that country.

If it is decided by the company to appoint any person other than the company’s auditor to audit the accounts of the Branch Office, the appointment shall be made at the General Meeting of the Shareholders. However, the meeting may authorize the Board of Directors to make the appointment. In both cases, the person so appointed should be a qualified auditor. Even if the Board makes the appointment, it shall be made in consultation with the company’s auditor. (BCom 3rd Year Different Audit Notes Study Material)

Rights and Duties of Branch Auditor

The Branch Auditor shall have the same rights and duties as the Statutory Auditor of the bank.

The report shall be prepared on the same lines as laid down in Sec. 143 of the Companies Act and Sec. 30 of the Banking Regulations Act, of 1949. The Branch Auditor shall send his report to the Statutory Auditor of the bank and not to the shareholders.

Auditor’s Duty

The following important points should be noted by the auditor in the audit of the accounts of a banking company.

General

  1. He should, first of all, confirm that his appointment is in order.
  2. He should see that the Annual Accounts of the banking company have been prepared in proper form.
  3. He should examine the system of internal checks and control and ascertain whether such a system is adequate or not. Generally, banks have a separate audit department for the examination of day-to-day transactions. The efficacy of such a system should be examined.
  4. He should visit the bank on the last working day of the year to count the cash himself. If the money has been kept with the Reserve Bank of India or any other bank, he should obtain a certificate confirming the deposit.
  5. He should especially check the receipt of drafts, cheques, etc., on the last working days which have not been entered in the books.

Income

  1. He should verify investments and incomes therefrom. It should be seen that such investments have been properly valued.
  2. He should vouch for the interest on loans and advances and ensure that irrecoverable interest is adequately provided for.
  3. He should verify bills discounted and also the discount received in respect of such bills. It is to be ascertained that the rebate on bills discounted and unmatured bills have been carried forward. (BCom 3rd Year Different Audit Notes Study Material)
  4. Sometimes, a banking company gets a commission from its customers for services rendered to them. If so, such a commission received should be vouched by proper vouchers. (BCom 3rd Year Different Audit Notes Study Material)
  5. He should verify the securities deposited with the bank for safe custody purposes and see that income in respect thereof has been properly accounted for.

Expenditure

  1. He should see that capital expenditure has been properly dealt with in the books and that proper distinction has been made between capital and revenue.
  2. He should check the balance of the current account, fixed deposit, and savings bank ledgers with the schedules obtained from the client and ascertain that all interest outstanding on deposits has been provided for.

Miscellaneous

  1. All assets and liabilities should be verified and it should be seen that adequate provision has been made for doubtful and bad debts. He should especially check the overdrafts, etc. (BCom 3rd Year Different Audit Notes Study Material)
  2. He should examine the branch returns and ensure that they are being properly incorporated into the head office books.
  3. He should go through the details of secret reserves, if any, maintained and see that their purpose is genuine.
  4. He should ascertain the adequacy of securities in respect of loans and advances in both cases, fully secured and partly secured.
  5. He should ensure that 20% of profits before paying dividends is transferred to the Reserve Fund as required under the Act.
  6. He should see that the provisions of Secs. 11-20 (stated earlier) of the Banking Regulation Act have been fully complied with.

Specimen of Auditor’s Report

We have audited the attached Balance Sheet of the Central Bank Bu Trustee Company, Limited, as at 31st December, 20…, and also the Profit & for the year ended upon that date annexed thereto and report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit:

(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of the books:

(c) The Balance Sheet and Profit & Loss Account under the report are in agreement with the books of account;

(d) In our opinion and to the best of our information and according to the explanations given to us, the said accounts with the note thereon give the information required by the Companies Act, 2013, in the manner so required and give a true and fair view:

(i) In the case of the Balance Sheet, of the State of the company’s affairs as of 31st December, 20.., and

(ii) In the case of the Profit & Loss Account, the profit for the year ended on that date.

Audit of Nationalised Banks

The nationalized banks are governed by the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, of 1970 which provided for the nationalization of fourteen major banking companies. A similar Act was passed in 1980 which provided for the nationalization of another six banking companies. Many provisions of the Banking Regulations Act also apply to nationalized banks.

Some of the important provisions of the 1970 Act are given hereunder:

(1) Section 3(4) of the Banking Companies (Acquisition and Transfer of Undertakings). Act, 1970 provides that each nationalized bank shall be a body corporate with perpetual succession and a common seal and shall sue and be sued in its name. It is also provided that each such bank shall carry on and transact the business of banking as defined in section 5(b) of the Banking Regulation Act and may engage in one or more forms of business specified in section 6(1) of the Act. (BCom 3rd Year Different Audit Notes Study Material)

(2) According to section 10 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, each nationalized bank is required to close its books of accounts on December 31 each year with the previous approval of the Reserve Bank. The auditor of the bank shall be appointed by the Board of Directors with the prior approval of the Reserve Bank of India. The remuneration of such an auditor will be fixed by the Reserve Bank of India in consultation with the Central Government. (BCom 3rd Year Different Audit Notes Study Material)

(3) Under section 10(3) of the 1970 Act, every auditor should be supplied with a copy of the annual balance sheet and profit & loss account and a list of all books kept by the nationalized bank. The auditor should examine the financial statements with the accounts and vouchers relating thereto.

In the performance of his duties, an auditor will have all those powers and rights which are laid down in this regard in the Companies Act, 2013. He shall have, at all reasonable times, access to the books, accounts, and other documents of the nationalized bank, and may, at the expense of the nationalized bank, employ accountants or other persons to assist him in investigating such accounts and examine any officer of the nationalized bank. (BCom 3rd Year Different Audit Notes Study Material)

According to sec. 10(1) of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970, the audit of banks would be conducted in the manner given, in short, below:

  1. The appointment of an auditor would be made with the prior approval of the Reserve Bank of India.(BCom Different Audit Notes Study Material)
  2. The remuneration of an auditor would be determined by the Reserve Bank with the advice of the Central Government.
  3. The qualifications of such an auditor would be the same as having been laid down in a sec. 141 of the Companies Act, 2013.
  4. Such an auditor would have the following rights:

(i) to appoint accountants for his help at the expense of the bank;

(ii) to examine all the books, accounts, and other documents of the bank, and

(iii) to examine custodians, officials, or employees of the bank in matters of accounts.

  1. The auditor would submit his report to the Central Government and send one copy each to the Reserve Bank and the bank. The report would cover the following points:

(i) In his opinion, the Balance Sheet of the bank is full and fair and gives a true and fair view of the state of the bank’s affairs;

(ii) He has obtained all the information and explanations necessary for his work and they are satisfactory:

(iii) The transactions affected by the bank are within its powers;

(iv) The Returns received from the branches of the bank are adequate for the audit work;

(v) The Profit & Loss Account exhibits a correct balance of profit or loss; and

(vi) Any other important matter that the auditor wants to bring to the knowledge of the Central Government.

The Central Government shall cause every auditor’s report and report on the working and activities of such bank to be laid for not less than 30 days before each House of Parliament as soon as may be after each such report is received by the Central Government.

2 thoughts on “BCom 3rd Year Different Audit Notes Study Material

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