Statutory Duties of an Auditor

1. According to Indian Company Act 1956

According to section 227 of Indian Company Act 1956, " Following are main statutory duties of an auditor:

(A) It is the statutory duty to give report on the accounts which are audited by him.

(B) To give audit report of balance sheet and profit and loss account.

(C) To audit the documents which are attached with balance sheet and profit and loss account of company.

2. Expression of His Opinion

It is the statutory duty of an auditor that he should express his true opinion in his report. His opinion should not be affected from management and other agents' opinion. His opinion should be free.

3. To Ensure and Exercise Reasonable Case and Skill

Auditor should ensure that balance sheet and profit and loss account have been made on the basis of accounting books and evidences. Sometime, honest accountant wrote truth in accounts books without any voucher. For example, accountant of any company has recorded the journal entry of bribe. At that time, chartered accountant should trust on his recorded mobile voice of corrupted party or his own tongue.

4. To Give Information in the Prescribed Manner 

CA should give all information in the prescribed manner.

5. Auditor must Have Sufficient Base to Believe 

It is the statutory duty of an auditor that he should make his audit report on the basis of available information. Auditor should also his own brain and common sense. If there are many important information which are required but not available, then he should mention this fact in his audit report.

6. Legal Compliance

It is the duty of an auditor that he should see whether company fulfills all legal compliance. He should read all related laws' provisions updates.

7.  Increase the Duties of Auditors

All statutory duties are fixed by Law but company can increase his duties by passing the resolution in annual general meeting.


Comments on this Website: 1

Share above Content to Your Friends

Meet Your Teacher

Vinod Kumar Prof. Vinod Kumar has received the post graduate degree in Commerce from ... read more »


access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. GST guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting interest international Internet Introduction of Tally 9 inventory investment invoice IT Japan Job costing journal entries Kalculate keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting otcei pakistan parents pay pal pdf pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching wikipedia working capital youtube
Accounting Education: Statutory Duties of an Auditor
Statutory Duties of an Auditor
Accounting Education
Not found any lecture VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock