Advantages of having the Accounts Audited by an Independent Auditor are:
(i) It safeguards the financial interest of persons not associated with the management like partners or shareholders.
(ii) It acts as a moral check on the employees from committing fraud.
(iii) It is helpful in settling tax liability, for Loan, and for Determination of purchase consideration for merger/sale.
(iv) It is also helpful in settling trade or labour disputes for higher wages/bonus.
(v) It helps in detection and minimizing wastages and losses.
(vi) It ensures maintenance of adequate books and records, statutory register etc.
(i) It safeguards the financial interest of persons not associated with the management like partners or shareholders.
(ii) It acts as a moral check on the employees from committing fraud.
(iii) It is helpful in settling tax liability, for Loan, and for Determination of purchase consideration for merger/sale.
(iv) It is also helpful in settling trade or labour disputes for higher wages/bonus.
(v) It helps in detection and minimizing wastages and losses.
(vi) It ensures maintenance of adequate books and records, statutory register etc.
Thanks...:)
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