In India, balance sheet audit is synonymous to ___________.
Annual audit
Continuous audit
Statutory audit
Detailed audit
A
Detailed audit
B
Statutory audit
C
Annual audit
D
Continuous audit
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Solution
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Yearly statutory audit is termed as balance sheet audit. Balance Sheet Audit is done with a view to review all the items of Balance Sheet which includes all the assets and liabilities. This includes physical verification and valuation of assets too.
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