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What is the term for audit of accounts of government companies and statutory corporations?
- a)Statutory audit
- b)Public audit
- c)Private audit
- d)Government audit
Correct answer is option 'B'. Can you explain this answer?
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What is the term for audit of accounts of government companies and sta...
The audit of accounts of government companies and statutory corporations falls under the category of public audit. This involves the examination of financial activities of entities owned or controlled by the government.
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What is the term for audit of accounts of government companies and sta...
Understanding Public Audit
Public audit refers to the examination and evaluation of the accounts of government companies and statutory corporations. This form of audit is critical for ensuring transparency, accountability, and proper management of public resources.
Key Characteristics of Public Audit:
- Government Oversight:
- Public audits are conducted to ensure that government entities are using public funds efficiently and in compliance with applicable laws and regulations.
- Accountability:
- These audits help hold government companies accountable to the public, ensuring that they meet their financial obligations and maintain ethical standards.
- Transparency:
- By auditing the accounts of government entities, public audits contribute to greater transparency in financial reporting, allowing stakeholders to assess the performance and financial health of these organizations.
Types of Public Audits:
- Performance Audits:
- Focus on the economy, efficiency, and effectiveness of government operations.
- Financial Audits:
- Examine the accuracy of financial statements and compliance with regulations.
- Compliance Audits:
- Assess adherence to laws, regulations, and contractual agreements.
Importance of Public Audit:
- Enhances Public Trust:
- By ensuring that resources are being used appropriately, public audits help build trust between the government and its citizens.
- Improves Financial Management:
- Identifying inefficiencies or mismanagement leads to better resource allocation and operational improvements.
In summary, public audit is essential for the proper functioning of government companies and statutory corporations, ensuring they operate transparently and responsibly.
Public audit refers to the examination and evaluation of the accounts of government companies and statutory corporations. This form of audit is critical for ensuring transparency, accountability, and proper management of public resources.
Key Characteristics of Public Audit:
- Government Oversight:
- Public audits are conducted to ensure that government entities are using public funds efficiently and in compliance with applicable laws and regulations.
- Accountability:
- These audits help hold government companies accountable to the public, ensuring that they meet their financial obligations and maintain ethical standards.
- Transparency:
- By auditing the accounts of government entities, public audits contribute to greater transparency in financial reporting, allowing stakeholders to assess the performance and financial health of these organizations.
Types of Public Audits:
- Performance Audits:
- Focus on the economy, efficiency, and effectiveness of government operations.
- Financial Audits:
- Examine the accuracy of financial statements and compliance with regulations.
- Compliance Audits:
- Assess adherence to laws, regulations, and contractual agreements.
Importance of Public Audit:
- Enhances Public Trust:
- By ensuring that resources are being used appropriately, public audits help build trust between the government and its citizens.
- Improves Financial Management:
- Identifying inefficiencies or mismanagement leads to better resource allocation and operational improvements.
In summary, public audit is essential for the proper functioning of government companies and statutory corporations, ensuring they operate transparently and responsibly.
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What is the term for audit of accounts of government companies and statutory corporations?a)Statutory auditb)Public auditc)Private auditd)Government auditCorrect answer is option 'B'. Can you explain this answer?
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What is the term for audit of accounts of government companies and statutory corporations?a)Statutory auditb)Public auditc)Private auditd)Government auditCorrect answer is option 'B'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the term for audit of accounts of government companies and statutory corporations?a)Statutory auditb)Public auditc)Private auditd)Government auditCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the term for audit of accounts of government companies and statutory corporations?a)Statutory auditb)Public auditc)Private auditd)Government auditCorrect answer is option 'B'. Can you explain this answer?.
What is the term for audit of accounts of government companies and statutory corporations?a)Statutory auditb)Public auditc)Private auditd)Government auditCorrect answer is option 'B'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the term for audit of accounts of government companies and statutory corporations?a)Statutory auditb)Public auditc)Private auditd)Government auditCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the term for audit of accounts of government companies and statutory corporations?a)Statutory auditb)Public auditc)Private auditd)Government auditCorrect answer is option 'B'. Can you explain this answer?.
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