Month: December 2021

The auditor’s report includes the following basic elements, ordinarily, in the following layout: 1.Title;                                                      Read More …

The auditor should review and assess the conclusions drawn from the audit evidence obtained as the basis for the expression of an opinion on the financial statements. This review and assessment involves considering whether the financial statements have been prepared Read More …

The statutory duties of the auditor cannot be limited in any way either by the Articles or by the directors or members but a company may extend them by passing a resolution at the general meeting or making a provision Read More …

Sub-sections (2) and (3) of section 227 provide that it is the duty of the auditor to report to the members of the company on the accounts examined by him and on every balance sheet and profit and loss account Read More …

Sub-sections (1A), (2), (3), (4) and (4A) of the Companies Act, 1956 specifies the duties of an auditor of a company in a quite comprehensive manner. It is noteworthy that scope of duties of an auditor has generally been extending Read More …

 Right of access to books, etc. – The auditor of a company, at all times, has the right of access to the books and accounts and voucher of the company whether kept at the head office or elsewhere and he Read More …

Section 225 lays down procedure to remove an auditor after expiry of the term, i.e., conclusion of the next annual general meeting. It requires that for appointing a person other than the retiring auditor or for proposing that the retiring Read More …

Removal of Auditor before Expiry of Term As per sub-section (7) of section 224, an auditor may be removed from office before the expiry of his term, by the company in a general meeting, obtaining the prior approval of the Read More …

Under section 224(8) of the Act, the remuneration of the auditors of a company is fixed: (1) by the directors when auditors are appointed before the first annual general meeting by the directors or to fill a casual vacancy (other Read More …

It has been mentioned earlier that before appointment is given to any auditor, the company must obtain a certificate from him to the effect that the appointment, if made, will not result in an excess holding of company audit by Read More …