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There is a perception that audit report is important only for publicly held companies not for privately held companies.Is it correct?

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Question added by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice
Date Posted: 2014/01/15
Mohammad Tohamy Hussein Hussein
by Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

I don't think so. Effective  audit reports are important for any company.

Mohammed Hussain Shah
by Mohammed Hussain Shah , Finance Manager , Al-Naba Contracting Co. Ltd

Private companies do also have stakeholders like owners and bankers. These companies also need to follow the laws of the land like taxation, zakat etc. The private companies audit report is also relied upon by prospective clients. I hope this makes my point.

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