Section – 144: Auditor not to Render Certain Services. Section – 143: Powers and Duties of Auditors and Auditing Standards. Sections 138 to 148 of the Companies Act deal with accounts, audit and auditors. He has keen interests in doing extensive research and writing on legal subjects especially on criminal and corporate law. The manner and procedure of selection of auditors by the members of the company will be such as prescribed. Remuneration of auditors has been defined in companies act 2013. Section-143 of the Companies Act, 2013 states about the powers and duties of the auditors. An auditor is someone who is responsible for examining the accounts and financial statements which are required by the company, after which it becomes reliable. Your email address will not be published. Duty of attend Audit Committee meetings: Section 177 of the Companies Act, 2013. requires public or private limited companies with paid up capital Companies Act, 2013 from sections 138 to 148 deals with accounts, audit, and auditors. The Companies Act, 2013 and different laws require the arrangement of an auditor. As per the section of the Companies Act, 2013 the first Auditor of the Company shall be appointed by the Board within 30 days from the date of the incorporation. Answer: Provisions and Explanation: Section 139(6) of the Companies Act, 2013 provides that “the first auditor or auditors of a company shall be appointed by the Board of directors within 30 days from the date of registration of the company”. An Auditor is an independent person who is qualified to perform audit. If an auditor of a company, in the course of the performance of his duties as auditor, has reason to believe that an offense involving fraud is being committed against the company by officers or employees of the company, shall immediately report to the Central Government within a time prescribed. A person who has been convicted by a court of an offense involving fraud and a period of ten years has not elapsed from the date of such conviction; A person who is in full-time employment elsewhere or a person or a partner of the firm holding an appointment as its auditor, if such a partner is holding an appointment as auditor of more than 20 companies as on such date of appointment. In case of Board’s failure, an EGM shall be called within 90 days to appoint the first auditor. Topics of Discussion • Brief about Companies Act 2013 • Provisions Relating to Auditors • Duties & Powers of Auditors- Section 143 • Some Humour • Conclusion 3. The term is sometimes synonymous with “comptroller”. Give us a chance to talk about the power and obligations of an auditor … While performing his duty as an auditor if he has reason to believe that offence of fraud in respect of the prescribed amount is being committed then he/it must report the same to the Board within 2 days and within 45 days Board must give a reply on the same and if the response is not given by the Board then w… 144. Other statutory duties: There are some statutory duties of the auditor: Duty to Assist Investigation: It is the duty of an auditor to assist the inspector when the affairs of the company are being investigated. LLB) from CCS University. Section 143 Powers and Duties of auditors and auditing standards (Relevant Rule 11, 12, 13 of The Companies (Audit and Auditors) Rules, 2014)Auditor have right to access – books of accounts and vouchers of the co. and all its subsidiaries, if any, in relation to Consolidation of F.st. Chapter-X of the Companies Act, 2013 deals with Audit and Auditors: Section: 139 (Appointment of Auditors) 1. Duties: The duties of a company auditor under Companies Act 2013 may be discussed under the following heads: 1. Understanding the definition of auditor An auditor is an […] Required fields are marked *, All Vskills Certification exams are ONLINE now. Duties of Auditors • Introduction- – Sec 143 of the companies act, 2013 speaks about the powers and duties of the auditors which were earlier mentioned in the Sec 227,228 of the companies act 1956. If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government. Remuneration of auditors. Seeking greater transparency and corporate responsibility, the Companies Act, 2013 (“New Companies Act”) has changed the role of auditors in companies. The various statutory duties of an auditor under the Companies Act are: (1) Duty to make certain enquiries: - An auditor of a Company should enquire: Whether loans and advances have been properly secured. Q. Their roles and responsibilities are clearly laid down and they are required to comply with the roles assigned to them. SEC 143(1) : This section provides that the auditor of the company shall have the right to have access at all the times to the books of accounts and vouchers of the company , whether kept at the registered place or at some other places of the company.He can obtain all the information and explanations which to the best of his knowledge and belief were necessary for the purpose of his duties … Every Auditor of a Company shall have a right of access at all times to the books of account and vouchers of the Company, which are kept at the registered office of the company and he shall be entitled to obtain such information and explanation as he may consider necessary for the performance of his duties into the following matters, namely: 2.
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