The annual financial statements of large corporations such as Microsoft or PepsiCo need not be audited by independent certified public accountants, since these firms maintain large accounting departments as part of their organizations (True / False)

The statement given in the question is False.

Explanation:

An audit is an efficient assessment of books, accounts, statutory records, archives and vouchers of an association to determine how far the fiscal reports just as non-money related disclosures present a genuine and reasonable perspective on the worry.

The reason for a audit is to give a target autonomous assessment of the fiscal reports, which builds the worth and validity of the budget reports created by the board, along these lines increment client trust in the fiscal report, decrease financial specialist chance and therefore diminish the expense of capital