-
STATUTORY DUTIES OF AUDITOR
KALAIVAANI ST1302BD2477BOGALAXMISANDEEPLARRIES NAIM
MS.HEMA
-
WHAT IS AN STATUTORY AUDITOR UNDER COMPANIES ACT,1965
Checking books of accounts An independent professional person qualified to perform an audit.Protection and guarantee from any mismanagement Sec 9(1)(a) - a company financial report must be annually audited by an approved auditor.
-
CLASSIFICATION OF AUDITORS
-
SectionDescription172Appointment of Auditors, Vacation of office153Removal, resignation of auditor and giving of special notice14Qualifications and disqualifications of auditors142Remuneration of auditors174Powers and duties of auditors and auditing standards144Auditor not to render certain services 146Auditors to attend general meeting871Punishment for contravention
-
APPOINTMENT OF AUDITORSs.172(1) By the shareholders orannual general meeting.By members of the company in general meetings.172(2) Will hold office until the conclusion of that first AGM.
-
QUALIFICATION OF AUDITORSection 14(3) Accountant Act 1967Registered with MIAapproved bythe Ministry of Finance At least 21 years oldFit and proper personMust not be disqualified by the Court Passed the final examination in accounting of one of the institutions specified in Section 14(1)(a), First Schedule, Part I & Part II of the Accountant ActAudit license approved for two (2) years and the audit license is renewable.
-
STATUTORY DUTIES OF AN AUDITORSECTION 174 (1)SECTION 174 (2)(a)SECTION 174 (2)(aa)SECTION 174 (2)(b)SECTION 174 (2)(c)SECTION 174 (2)(d)SECTION 174 (4)SECTION 174 (3)SECTION 174 (5)SECTION 174 (6)SECTION 174 (7)SECTION 174 (8)SECTION 174 (9)
-
STANDARD OF CARE
LIABILITY OF AUDITOR TO SHAREHOLDERS AND OUTSIDERS
REPORT TO APPROPRIATE MANAGEMENT
Section 174(2)(d) BE INDEPENDENT
CARRY OUT AUDIT
-
Section 174 powers and duties of the company auditors to report on financial statement.
Rights of access at all reasonable times to the accounting and other records of the company.
The auditor is also entitled to obtain information and explanations from any officer of the company
Right of Notification and Attendance at Company General MeetingAuditors Rights CA 1965
-
AUDIT RISKInherent risk errors in accountsControl risk errors that bypass controlsDetection risk errors caught by auditorAudit risk errors undetected by auditor
-
Removal of Auditors By the annual general meetingOrder by a court Automatic Disqualification - any offence involving fraud or dishonesty.Audit Exemption is being Availed of by Company
-
Operate its business according to the law and regulation, an auditor also must perform their duties and properly.
An audit provides a high level of assurance about an accountability matter.
If he found suspicious matter and refused to disclose it, he has breached his duty as an auditor.
This will lead to collapse the business whereby it affects the rights and interests of the stockholders and stakeholders.CONCLUSION
-
THANK YOU
-
PRESENTATION PART DETAILSSorry Guys For Late. Sandep And Laries Please Come 2pm. We Are 1st Group Who Are Going To Present. Because Boga Sis Have Another Presentation On The Same Time. Guys Please Make Sure Do Some Research On Your Part. Please Wear Formal Dresses And Shoes. Miss Hema Take Serious On This Part. Take Note! Prepare Your Part Guys. Good Luck! Try Your Best! TqSLIDE 1-2 (INTRO) KALAISLIDE 3-4 BOGALAXMISLIDE 5-6 SANDEPSLIDE 7-8 LARIESSLIDE 9-10 NAIMSLIDE 11- BOGALAXMISLIDE 12-LARIESSLIDE 13-KALAISLIDE 14- NAIMSLIDE 15-16 (ENDING) SANDEP
*
