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1[FORM No. 10B [See rules 16CC and 17B] Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and subclause (ii) of clause (b) of sub section (1) of section 12A of the Incometax
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Read the audit report thoroughly from start to finish.
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Understanding of audit report is a document that expresses the auditor's opinion on the financial statements of a company after conducting an audit.
Publicly traded companies and certain private companies are required to file understanding of audit report as part of their financial reporting obligations.
Understanding of audit report is typically filled out by the company's auditors who have conducted the financial audit.
The purpose of understanding of audit report is to provide assurance to stakeholders that the financial statements are accurate and have been audited by a qualified professional.
Understanding of audit report must include the auditor's opinion on the fairness of the financial statements, any significant findings from the audit, and any recommendations for improvement.
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