⭐ Important points (exam-critical)
- ⭐Distinguish audit from investigation, accounting, review.
- ⭐True & fair view — judgmental; auditor expresses opinion only.
- ⭐SA 240 — auditor's responsibility relating to fraud in financial statements.
- ⭐Companies Act Sec 143(12) — reporting fraud to Central Govt if amount > ₹1 crore.
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