What does the audit ordered by the Central Government under section 148(2) of the Companies Act, 2013 examine?
Question and options
What does the audit ordered by the Central Government under section 148(2) of the Companies Act, 2013 examine?
The secretarial records and compliance with corporate laws
The internal controls reviewed by the company's internal auditor
The records of cost of production or services the company must keep
The books of account and annual financial statements of the company
Answer and explanation
Section 148(1) lets the Central Government require specified classes of companies to keep records of the use of material, labour and other items of cost, and section 148(2) lets it order an audit of those records. The audit of the books of account and financial statements is the statutory audit under sections 139 to 143, and the secretarial audit falls under section 204.
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