This section is similar to existing section 227. 1. 2) Report to management about asset utilization and audit results, and recommend changes in operations and financial activities. Thus, to know the powers and duties of a company’s auditor, you first need to understand the role of an auditor in a company.[/vc_column_text]. Your external auditor may perform some of these duties under guidelines of the American Institute of CPAs, Department of Labor, Government Accountability Office, Securities and Exchange Commission or Public Company Accounting Oversight Board. A company’s auditor while performing his duties might encounter fraudulent situations. The auditor needs to give his opinion in the auditor’s report. Thus, in such situations, it is the duty of the auditor to report such matters to the central government within 60 days of his knowledge. Ltd. All rights reserved. After preparing the report, the branch auditor needs to submit this to the company’s auditor. Give to the inspector all assistance in the connection with investigation. You may need to download version 2.0 now from the Chrome Web Store. They can also act in an advisory role to recommend possible risk aversion measures and cost savings that could be made. An auditor goes through bookkeeper records, creditor records and tax records to find any errors and determine how to correct them. Easily share your publications and get them in … Such an opinion must be given when the auditor disagrees with the management regarding application, acceptability or adequacy of accounting policies. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. Performance & security by Cloudflare, Please complete the security check to access. Auditor's rights in relation to meetings; 474. Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Thus, to become eligible for becoming an auditor, a person must be a chartered accountant. any individual appointed as the branch auditor as per the act, company’s auditor or accountant or any competent person appointed as per the laws of the foreign country in case of a foreign branch. Duties imposed by legal or court decisions: - An auditor must make himself fully acquainted with his duties under the Companies Act and the Articles of Association of the company. Statutory duties of a cost auditor Duty to conduct cost audit and prepare a cost audit report: Once a cost accountant is appointed by a company to do the audit of the cost accounts books and other cost records, it becomes a duty of the cost auditor to undertake and complete the cost audit of the company. Thus, it is the duty of an auditor to assist the officers undertaking such an investigation. Who is an Auditor? Your IP: 132.148.128.238 Such an opinion of the auditor enhances the credibility of the financial statements. Statutory Duties. Auditor Job Duties: Ensures compliance with established internal control procedures by examining records, reports, operating practices, and documentation. © 2020 Copyright © Intuit India Software Solutions Pvt. Thus, every auditor must comply with the established auditing standards while examining a company’s books of accounts. In such circumstances, the auditor may believe that an offence equivalent to a fraud has been committed against the company. Such an examination is conducted when a fault on the part of the company already exists and the intent of the investigation is to find out a reason and person involved in such an activity. The important contractual duties of an auditor are: An auditor has a duty to see that his appointment is in order. Such a person evaluates the validity of the company’s financial statements. The duties of the county auditor shall be to: (a) Audit all claims against the county, and recommend to the county board the payment or rejection of all claims presented. • A qualified opinion, on the other hand, concludes that the company has dealt with most of the issues except for the few ones. Please contact your financial or legal advisors for information specific to your situation. Under this, it is the duty of the auditor to give even an adverse opinion regarding the company’s financial statements. • Auditor of the company in the course of performance of his duties as auditor has reason to believe – that an offence involving fraud is being or has been committed – against the company by an officer or the employee of the company – then the auditor should immediately report the matter to the central government within such time and in such manner as may be … This is undertaken to report if the company adheres to the established set of standards or procedures. Senior auditor; 476. 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