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The companies act 2013 has clearly defined the roles and responsibilities of statutory Auditor, the responsibilities of the auditor are a focus in companies act 2013 as compared to companies act 1956. In this article, we will discuss the Roles and Responsibilities of Statutory Auditor in India.
Table of Contents
Statutory Audit is an audit mandated by a Statute or Law. The basic motive of Statutory Audit is a true and fair view of the book of accounts of a Business is presented to the Regulators and the Public. The statutory Audit is classified into types, Company audits, and tax audits.
The Auditor has right to inspect the Books of Accounts, vouchers of the Company whether kept at the Head Office or elsewhere. The books of accounts include all books which are usually financial bools or statutory books or statistical books or stock books or costing record etc. The right to access books and records maintained at a registered office as well as at any branches of the Company.
The auditor can obtain information and explanation from the officers of the Company whenever he may think necessary. The auditor would not be able to obtain details from the directors or any other company which he cannot be able to find from observing the books if such power has not given power. The auditor shall mention in a report if he doesn’t receive any adequate information from the company.
The Auditors have right to attend all the General Meeting of the Company whether in meeting the accounts audited by them are going to discuss or not. The Auditor shall also be entitled to receive all the notices and to be heard at any general meetings. The auditor shall always attend the meeting to bring to the notice of the shareholders any matter which has come to his knowledge during an audit.
The Statutory Auditor shall not take any assignment of the Company while servicing the Statutory Audit. The statutory Auditor is entitled to take those assignments which are approved by the Board of Directors in its Meeting. The following are the services statutory auditor cannot take of the company or its holding or subsidiary Company.
Also Read: Auditing of Private Limited Company in India
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