Formidable A Statutory Auditor Also As Internal Of The Company Consolidated Trial Balance

The Statutory Auditor is liable for nonfulfillment of the terms and conditions of an agreement between him and the company who appoints him. There is no prescribe qualification for the appointment of internal auditor but statutory auditor of a public limited company must be chartered accountant. These should be made available to him at all times. He also has the right to seek any further information he thinks is necessary for his audit He has the duty to write an auditors report. Section 144 of the Companies Act 2013 on Auditor not to render certain services is another valiant idea precisely introduced in the Act which in apparent language has chosen to list out specific and certain services whether such services are rendered in a legitimate way or in a indirect way to the organization or its. 1438 of companies act 2013 - the accounts of a branch office of a company may be audited by the companys auditor or by any other person qualified for appointment as auditor of the company. He may be held responsible under the Contract Act in failing to perform the duties as laid down in agreement. A statutory audit helps with determining whether an organization is actually providing a true and fair view of its financial performance and position or not. But statutory audit is the act of checking books of accounts as per the provision of company act. 06 September 2010 Internal Auditor acting as Statutory Auditor.

Where an Internal Auditor is an employee of the company he is disqualified for appointment as a Statutory Auditor. In the light of the above after retirement the firm who was appointed as the statutory auditors appear to be eligible to be appointed as Internal Auditors for the same company. But statutory audit is the act of checking books of accounts as per the provision of company act. However there are companies that get performed an internal audit also to ensure they are following the rules and regulations of accounting and to verify the statements prepared by accountants. Internal auditors also set the company up for success when its annual external audit comes around. An internal audit function can contribute to corporate governance by providing an organisations directors and audit committee with independent reviews of and suggestions for improving the design and operation of the organisations. A statutory audit helps with determining whether an organization is actually providing a true and fair view of its financial performance and position or not. A person acquires disqualification for appointment as a statutory auditor of the when he is indebted to the company for more than- aRs1000 b Rs5000 cAbove Rs1000 dAny sum 40. Auditing Mcqs Auditing Mcqs Audit Mcqs for preparation of various posts ie. 06 September 2010 Internal Auditor acting as Statutory Auditor.

An internal audit is conducted by the permanent staff of the same office to detect weakness in system procedures and for the improvement. But where a company employs an outside firm to conduct its Internal Audit the Internal Auditor does not become an employee of the company. 1438 of companies act 2013 - the accounts of a branch office of a company may be audited by the companys auditor or by any other person qualified for appointment as auditor of the company. The job of an internal auditor is essentially to help catch and fix issues before an external. A statutory audit helps with determining whether an organization is actually providing a true and fair view of its financial performance and position or not. So a person shall be appointed as an auditor if he complies with the provision of section 139 and 141 of the companies act 2013 and ensure compliance with the code of conduct of the chartered accountants. 06 September 2010 Internal Auditor acting as Statutory Auditor. An internal audit function can contribute to corporate governance by providing an organisations directors and audit committee with independent reviews of and suggestions for improving the design and operation of the organisations. There are many differences in an internal audit and statutory audit and these will be. A statutory auditor has the right to access all of the companys financial books records and information.

In this connection it is appropriate to refer Clause 32 of Standard on Quality Control that runs as follows. Financial and non-financial control environment processes for identifying and monitoring risks. There are many differences in an internal audit and statutory audit and these will be. The audited report can then help organizations towards making the necessary financial decisions. Mcqs Provided here are very Important for Federal Public Service Commission Testsexaminations National Testing Service etc. 06 September 2010 Internal Auditor acting as Statutory Auditor. An internal audit is conducted by the permanent staff of the same office to detect weakness in system procedures and for the improvement. He may be held responsible under the Contract Act in failing to perform the duties as laid down in agreement. A statutory auditor has the right to access all of the companys financial books records and information. A person acquires disqualification for appointment as a statutory auditor of the when he is indebted to the company for more than- aRs1000 b Rs5000 cAbove Rs1000 dAny sum 40.

A person acquires disqualification for appointment as a statutory auditor of the when he is indebted to the company for more than- aRs1000 b Rs5000 cAbove Rs1000 dAny sum 40. Financial and non-financial control environment processes for identifying and monitoring risks. Where an Internal Auditor is an employee of the company he is disqualified for appointment as a Statutory Auditor. A statutory auditor----- also as internal auditor of the company. Internal auditor is an employee of the company and does not possess the independent of status while statutory auditor is not the employee of the company and has independent status. According to section 165 4 the auditors of the company shall in so far as the statutory report relates to the shares allotted by the company the cash received in respect of shares and the receipts and payments of the company certify it as correct after the same has been certified as correct by not less than two Directors of the company one of whom shall be a Managing Director. However there are companies that get performed an internal audit also to ensure they are following the rules and regulations of accounting and to verify the statements prepared by accountants. So a person shall be appointed as an auditor if he complies with the provision of section 139 and 141 of the companies act 2013 and ensure compliance with the code of conduct of the chartered accountants. These should be made available to him at all times. Auditing Mcqs Auditing Mcqs Audit Mcqs for preparation of various posts ie.