Question

What clarification does the circular provide regarding the revision of audited financial statements?

a.

The audited financial statements must be revised yearly

b.

There is no need to revise the audited financial statements

c.

The audited financial statements must be revised every 2 years

d.

The revision is mandatory for the first 3 years

Posted under IC 89 Management Accounting

Answer: (b).There is no need to revise the audited financial statements Explanation:According to the circular, there is no need to revise the audited financial statements; they remain unchanged for the disclosed past data.

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Q. What clarification does the circular provide regarding the revision of audited financial statements?
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