Economics · Auditing

Which of the following statements are incorrect? A. Management audit is not compulsory under any law. B. Vouching is concerned only with items of balance sheet. C. Section 148 of the Companies Act, 2013 has made Cost Audit mandatory for some limited companies. D. The object of vouching is to satisfy the auditor as to existence, ownership, possession, completeness, valuation and disclosure of items mentioned in the Balance Sheet. E. Independent financial audit has been made compulsory for many entities established under respective Acts.