Which of the following statements with regard to rules regarding exemption from branch audit is not ...........

Auditing Audit and auditor's report

Which of the following statements with regard to rules regarding exemption from branch audit is not true?

A branch office of a company can be granted exemption on the basis of quantum of activity criterion

If a satisfactory arrangement of scrutiny check of the books of account of a branch office of a manufacturing company has been made, it can be exempted from branch audit

Cost consideration should be considered as an important factor/ground for exemption from branch audit

The auditor should state in his audit report that branch office is exempted by virtue of quantum of activity or any other basis

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Explanation:

If a satisfactory arrangement of scrutiny check of the books of account of a branch office of a manufacturing company has been made, it can be exempted from branch audit