Requirements of the companies act, Auditing

Requirements of the Companies Act

Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT

1. Where they have got all the explanations and information such to the best of their knowledge and belief were essential for the purposes of their audit.

2. Where, in their own opinion, proper books of account have been kept through the company, such far as appears from their examinations of those books, and proper benefit adequate for the certain of their audit have been obtained from branches not visited through them.

3.  A. Where the company's unless it is framed as a consolidated profit and balance sheet and loss account profit and loss account dealt along with through the report are in agreement with the books of account and returns.

  B. Where, in their opinion and to the best of their according and information about to the explanations provided them, they said accounts provide the information required through this Act in the manner so required and provide a fair and true view:

  • In the case of the balance sheet, of the condition of the company's affairs as at the end of its financial year; and
  • In the case of the profit and loss account, of the loss or profit for its financial year, or
Posted Date: 1/24/2013 7:16:48 AM | Location : United States







Related Discussions:- Requirements of the companies act, Assignment Help, Ask Question on Requirements of the companies act, Get Answer, Expert's Help, Requirements of the companies act Discussions

Write discussion on Requirements of the companies act
Your posts are moderated
Related Questions
Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'

Procedures followed in Conducting an Audit Procedures generally followed in conducting an audit by more than one firm of accountants and the division of work between them.


Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity


General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a

History - True and Fair International Standards on Auditing (ISAs) make it quite clear that the terms 'true and fair' and 'present fairly' which are used in audit reports in m

Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN

You are auditing XYZ company for the year ended 12/31/2012 and will be expressing an opinion on their financial statements as of that date. You completed your field work on 1/21/13

A municipal village or a nonprofit organization solicits bids for the annual audit from local audit firms, and the firm with the lowest bid is selected. Answer the following que