Duties and Liabilities of Auditors (India - Companies Act, twenty thirteen)
Duties and Liabilities of Auditors (India - Companies Act, twenty thirteen)
A. Duties of Auditors
One. Statutory Audit Duties
One. Statutory Audit Duties
Examine books of account, financial statements, vouchers, and internal controls.
Ensure financial statements give a true and fair view of the company's financial position.
Report on:
o Adequacy of internal financial controls o Compliance with accounting standards o Proper maintenance of books of account o Frauds noticed or reported
Verify loans, guarantees, investments, and compliance with section one hundred eighty-six.
Review related-party transactions for compliance under section one hundred eighty-eight.
Make inquiries on:
o Secured loans properly accounted o Adequacy of internal control systems o Whether personal expenses charged to revenue o Whether deposits or assets are misappropriated
Attend AGM and answer queries from shareholders.
Provide reasons for resignation formally.