The primary audit objective is to express a true and fair view of the company’s financial statements. The responsibility lies with the auditor who, after completing the audit process, will express their opinionthrough the issuance of an auditor’s report.
- Balance Sheet
- Profit & Loss Account
- Cash Flow Statement
- Notes on Account
The tax structure in India is divided into direct and indirect taxes:
While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assessees themselves. On the other hand, indirect taxes are levied on the sale and provision of goods and services respectively and the burden to collect and deposit taxes is on the sellers instead of the assessees directly.
Taxes in India are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as the Municipality and the Local Governments.