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Audit - 2. page

Powers and Duties of auditors

Powers and Duties of auditors : 1. Every auditor of a company shall have a right of access at all times to the books of account and vouchers of the […]

Remuneration of the auditors

Remuneration of the auditors : The remuneration of the auditor of a company shall be fixed in its general meeting. The Board may fix remuneration of the first auditor appointed […]

Disqualifications of the Auditor

Disqualifications of the Auditor : The following persons shall not be eligible for appointment as an auditor of a company- (i) a body corporate other than a limited liability partnership […]

Eligibility or Qualifications of the Auditor

Eligibility or Qualifications of the Auditor • A person shall be eligible for appointment as an auditor of a company only if he is a chartered accountant. • A firm […]

Mandatory Rotation of Auditors

Mandatory Rotation of Auditors : The Companies Act, 2013 has introduced the system of rotation of auditors which is applicable to- • all listed companies; • all unlisted public companies […]

APPOINTMENT OF AUDITORS

APPOINTMENT OF AUDITORS : The Board of Directors of a company shall appoint an individual or firm as the first auditor of a company, other than a Government company, within […]

TYPES OF WORKING PAPERS :

TYPES OF WORKING PAPERS The Auditors Working Papers are divided into two parts: 1. Permanent Audit file 2. Current Audit file Permanent File The data in these file are the […]

Advantages of maintenance of working papers

Advantages of maintenance of working papers : 1. Working papers helps in proper planning and performance of audit. 2. Seniors can supervise the audit work performed by the juniors by […]

WORKING PAPERS

WORKING PAPERS : Audit working papers are the documents prepared or obtained by the auditors and retained by him in connection with the audit. Audit working papers are used to […]

TECHNIQUES OF OBTAINING EVIDENCE

TECHNIQUES OF OBTAINING EVIDENCE (i) Inspection: Inspecting the documentary evidence like deed papers, certificates etc relating to the audit whether in possession of the entity or the third parties. (ii) […]