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.

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Accounting Education: Statutory Duties of an Auditor
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Accounting Education
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