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What is meant by inherent limitations of audit..?

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posted Jun 15 by Kavana Gowda

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We know that Financial Audit starts from where Financial Accounting ends. Financial Audit should be conducted by a Chartered Accountant within the meaning of Chartered Accountants Act, 1949. He should complete the audit within a limited time.

So he resorts to persuasive evidence rather that conclusive evidence. Financial Statements audited by a CA does not assure the future viabilitry of the business.

answer Jun 15 by Babita Thawani
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