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Fundamentals of Auditing by S. K. Basu

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Chapter 9

Audit Report and Certificate

9.1 DEFINITION OF REPORT

A report is a statement of collected and considered facts, so drawn up as to give clear and concise information to persons who are not in possession of the full facts of the subject matter of the report. According to Joseph Lancaster, “A report is a medium of expressing an opinion to persons concerned in order to give clear and summarised information based on collected facts and figures”.

9.2 DEFINITION OF AUDIT REPORT

An auditor, under Section 227 (2) of the Companies Act, 1956, is required to make a report to the shareholders of the company whether the books of accounts examined by him exhibit ‘true and fair’ view of the state of affairs of the business.

The auditor submits his ...

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