What are the powers and duties of an auditor?

Rights & Powers of Auditor

• Right of access to Books of account & Vouchers [Sec.
• Right to obtain information & explanation [Sec.
• Right to visit branch offices & access to branch account.
• Right to receive notice & attend general meeting.
• Right to make representation.
• Right to report to members.
• Right to sign audit report.

What are the rights duties and liabilities of a company auditor?

Right to visit branches of the company to audit the accounts if no other auditor has been appointed to audit branch accounts. Right to take legal and technical advice wherever necessary. Right to receive remuneration for the work done by him. Right to sign the report.

What are the qualifications of a company auditor?

According to the Companies Act, 2013, a chartered accountant having a certificate of practice from the Institute of Chartered Accountants of India can be a qualified auditor of a company. As per “Part B” of the State Law Act, 1953 a person holding a certificate stating that he is designated to act as an auditor.

How is an auditor of a company appointed?

After incorporation of a company in the first annual general meeting, an Auditor must be appointed by the Board of Directors. The Auditor will typically hold term till the conclusion of 6th AGM or 5 years. The members will then be required to appoint an Auditor within 90 days at an Extra Ordinary General Meeting.

What are the duties and powers of an auditor?

Thus, to know the powers and duties of a company’s auditor, you first need to understand the role of an auditor in a company. [/vc_column_text] Who is an Auditor? An auditor is a professional who is qualified to conduct an audit of the company. Such a person evaluates the validity of the company’s financial statements.

What is the role of an internal auditor in a company?

The role of an internal auditor in a company is to help the business stay compliant and manage its taxes effectively. As per Section 139 (1) of the Companies Act, all companies must appoint either individuals or firms to act as their auditor. This shows the prominence of an auditor’s role in a company.

Do you need a company to appoint an auditor?

Every company needs to appoint an individual or a firm as its auditor as per section 139 (1) of the Companies Act 2013. Furthermore, Companies Act, 2013 provides an auditor of a company certain statutory rights and duties in order to help him undertake his commitments honestly.

Who is an auditor under the Companies Act?

Under Companies Act, 2013 sections 138 to 148 deals with accounts, audit, and auditors. An auditor is an independent professional person qualified to perform a review.