How many months of bank statements are required for audit?
It is mandatory to provide all bank account statements to the auditors during the audit. Typically, statements for the last 6 months (or as specified by the audit team) should be kept ready and up to date.
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How many months of bank statements are required for the audit?
Bank statements are required from the date of the last audit up to the date of the current audit. Ensure all statements within this period are complete and readily available for review.
What documents are required for the audit?
A questionnaire in Word format will be emailed to you. You are required to fill it out, sign it, and send it back along with the following documents: Bank account statements (last 12 months) Demat account statements (last 12 months) The auditor will ...
Is it mandatory to keep bank statements ready for the audit?
Yes, it is mandatory to keep all relevant bank statements readily available during the audit. This is essential for ensuring transparency and compliance with regulatory requirements.
Why savings account required for audit if AP run a proprietorship firm with many transactions?
In the case of a proprietorship, the firm and the individual share the same PAN, meaning they are legally treated as the same entity. Therefore, both personal and business bank accounts fall under the scope of audit and must be submitted as part of ...
If we have two current accounts for different businesses, do we need to submit both bank statements for the audit?
Yes, all current accounts, regardless of the business line they are associated with, must be disclosed during the audit. Full transparency is required to ensure compliance.