Section 162(1) of the Companies Act stipulates the statements that should be expressly stated in the auditor‘s report. These are;
- Whether the auditor has obtained all the information and explanation which to the best of his knowledge and belief were necessary for audit proposes.
- Whether in his opinion, proper books of accounts have been kept by the company, so far as it appears from the examination of those books and proper returns adequate for the purposes of the audit from branches not visited by him.
- Whether the company‘s balance sheet and profit and loss accounts dealt by the report are in agreement with the books of the accounts and returns.
- Whether in his opinion and to the best of his information and according to the explanations given to him, the financial statements give the information required by the Companies Act in the manner so required and give at rue and fair view.
- In the case of the balance sheet, of the state of affairs of the company as at the end of the accounting period.
- In the case of the profit and loss account, of the state of profit or loss of the company in the financial year.
- In the case of a holding company submitting group financial statements whether in his opinion, the group financial statements have been prepared in accordance with the provisions of the Companies Act so as to give a true and fair view of the state of
affairs and profit or loss of the company.
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