Preface

Accounts and Audit functions are indispensable to every kind of Business vehicle. Accounting is a systematic process of identifying, recording, classifying, summarizing the financial transactions of a business. It is also a tool for reporting, comparing and analyzing the results of a business. Audit on the other hand is an examination or inspection of the books of accounts of a business organization in order to ensure that the prescribed system of recording transactions is being followed without any deviation. It serves as a tool for checking financial or non-financial irregularities and preventing frauds.

Modern and complex transactions of new age businesses have increased the role of Accounts and Audit and companies are no exception. In India, Companies Act, 2013 regulates the Accounts and Audit functions of a company form of organization to a large extent. Apart from it, the Accounting Standards, Standards of Auditing, Secretarial Standards, etc. also regulate these two business functions.

This Book titled "Company 'Accounts and Audit', deals with these two major aspects, i.e., Accounts and Audit" of a corporate entity. It consists of three major divisions.

Book 1 named 'Accounts of Companies' gives an insight into the Financial Statements of a company. It deals with the Balance Sheet, Profit & Loss account, Cash Flow Statement of a company. Schedule III to the Companies Act, 2013 is also discussed at length in this part. A few other aspects like Consolidated Financial Statements, Depreciation, Amortization are also discussed therein. Real life Case Studies and Practical illustrations relating to company accounts are also catered for benefit of the readers.

Book 2 exclusively deals with every issue relating to Auditors; right from their qualifications to their appointment, remuneration, removal and resignation, each aspect being explained in a very lucid manner. Provisions relating to four kinds of Company Auditors, viz., Statutory Auditor, Secretarial Auditor, Internal Auditor and Cost Auditor, are discussed in this Part. Most important and latest aspects which relate to the Regulator of Auditing profession, i.e. The National Financial Reporting Authority (NFRA) is dealt with in this part in sufficient detail.

Book 3 deals with the Audit of Companies. Each category of Audit, that  is applicable to companies is discussed in this Part. Every possible aspect concerning Statutory Audit, Internal Audit, Secretarial Audit and Cost Audit is discussed at length. In addition, this book also comprises Draft reports, Representations, Resolutions, Item wise Check Lists, Procedures, etc., for instantaneous reference of company auditors.

The present Book is more or less complete package in itself, as it consists of totality of the desired material relating to the Accounts and Audit of Companies at one place. The Book also provides the latest Forms and further stands updated by the Companies (Amendment) Ordinance, 2019.

Suggestions, comments and criticism relating to this Book are welcome for they would be of immense help to us in improving further editions of this Book.

JODHPUR	Dr. AVADHESH OJHA
26 JANUARY, 2019	CS. AMIT BAXI
REPUBLIC DAY