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Certified balance sheet

Question BankCategory: OthersCertified balance sheet
Kollipara sundaraiah asked 1 year ago

What is the difference between CA certified balance sheet and audited balance sheet.

1 Answers
Manish answered 1 year ago

Certified balance sheet:- CA Certified balance sheet is only compilation of record or detail provided by the management. CA does not certify the correctness of values but only prepares a balance sheet as per detail of assets & liabilities provided by the management. Management is responsible for true & fair view and accuracy of data provided for preparation of balance sheet. Certifying CA adds this declaration at the bottom of balance sheet.
 
Audited balance sheet :- In case of audited balance sheet, detail is checked and verified by CA who is doing audit. Management provides all the evidences and documents to CA for auditing. Audit is done as per auditing standards issued by ICAI and as per provisions of respective act like companies act in case of companies. In case of audited balance sheet , auditor is also responsible but only for following proper auditing procedure for checking true & fair view.And prime responsibility is of management . In audited balance sheet, auditor certify true & fair status of balance sheet.  
 
Hence audited balance sheet is more reliable.

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