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What is the function of the UK's Audit Commission?
The primary function of the UK's Audit Commission is to appoint auditors to a range of local public bodies in England, set the standards for auditors and oversee the work of auditors. This is a statutory corporation in the UK.
How do you calculate the statutory reserve of a company?
what are the statutory reserves of a company?
Why must a public company have an external auditors?
External auditors are required to ensure there is no fraud (hanky panky) going on in the company. If you run a company that are check by your own employees, you cannot be certain that the checks are neutral. External auditors are independent parties who provide a realistic and impartial view into the company's conduct.
How can internal auditors have an independent mental attitude when they are employed by the company they audit?
Internal & External auditors has difference in scope of their work and that's why different independence levels are expected from both of them as external auditors are the auditors who has to provide their independent opinion regarding the financial statements of any company, they are required to display independence from the management of company while giving opinion about fair activities. On the other hand internal auditors are the auditors who are appointed by the top management of the company to prepare and implement the risk assessment measures and to keep an independent eye on the overall operations of company that's why they are independent from operations of company and directly reportable to top management of company like shareholders auditor board etc so in this sense they are also somewhat independent from company as well.
What are the rights of an auditor?
Statutory rights of auditors · A right of access at all times to the books, accounts and vouchers of the company · A right to require from the company's officers such information and explanations as they think necessary for the performance of their duties ad auditors · A right to attend any general meetings of the company and to receive all notices of and communications relating to such meetings which any member of the company is entitled to receive. · A right to be heard at general meetings which they attend on any part of the business that concerns them as auditors · A right to receive a copy of any written resolution proposed · A right to give notice in writing requiring that a general meeting be held for the purpose of laying the accounts and reports before the company ( of elective resolution dispensing with laying of accounts in force) gtyutuguyt7
What is the function of the UK's Audit Commission?
The primary function of the UK's Audit Commission is to appoint auditors to a range of local public bodies in England, set the standards for auditors and oversee the work of auditors. This is a statutory corporation in the UK.
How do you calculate the statutory reserve of a company?
what are the statutory reserves of a company?
What is statutory audit What is the exact meaning of statutory audit?
A statutory audit is a required examination that examines the accuracy of a corporation's or governmental entity's financial accounts and paperwork. The primary goal of this audit is to discover whether a company shows a true and exact picture of its financial standing, achieved through the study of details such as bank funds, accounting records, and financial deals. Objectives of a Statutory Audit Spotting Mistakes Auditors look for any errors in the accounts—whether it's a wrong entry, a missing number, or a simple typing mistake. Catching Fraud They also keep an eye out for anything that looks fishy, like unusual transactions or signs of wrongdoing. Finding Hidden Errors Sometimes mistakes cancel each other out and go unnoticed. Auditors dig in to uncover these kinds of issues too. Fixing Accounting Principle Mistakes If the company has used the wrong accounting method or misunderstood a rule, auditors point it out and help set things right. In India, statutory audits are governed primarily by the Companies Act, 2013 and conducted according to standards set by the Institute of Chartered Accountants of India (ICAI). It's an audit you must have by law, conducted by an independent auditor to protect shareholders, creditors, and the public interest. And if someone wants to understand statutory audits in a more practical way, a lot of students find CA Tushar Makkar’s “Master Blaster of Statutory Audit” course pretty useful.
What type of company needs a statutory report?
public company needs a statutory report
What is Final Audit?
Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements & audit report to be presented to the Board of Directors and to be filed with statutory authorities.
Why must a public company have an external auditors?
External auditors are required to ensure there is no fraud (hanky panky) going on in the company. If you run a company that are check by your own employees, you cannot be certain that the checks are neutral. External auditors are independent parties who provide a realistic and impartial view into the company's conduct.
How can internal auditors have an independent mental attitude when they are employed by the company they audit?
Internal & External auditors has difference in scope of their work and that's why different independence levels are expected from both of them as external auditors are the auditors who has to provide their independent opinion regarding the financial statements of any company, they are required to display independence from the management of company while giving opinion about fair activities. On the other hand internal auditors are the auditors who are appointed by the top management of the company to prepare and implement the risk assessment measures and to keep an independent eye on the overall operations of company that's why they are independent from operations of company and directly reportable to top management of company like shareholders auditor board etc so in this sense they are also somewhat independent from company as well.
Discuss the role and responsibilities of company directors and auditors under the companies Act in Malaysia?
discuss the role and responsibilities of company directors and auditors under the companies Act in Malaysia
What is Statutory Company?
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Which company is related to statutory meeting?
pubic company
What is the full form of caro?
CARO stands for Companies Auditor's Report Order, which is a set of guidelines issued by the government of India for statutory auditors of companies. It outlines the specific matters that the auditors must include in their audit report.
What are the rights of an auditor?
Statutory rights of auditors · A right of access at all times to the books, accounts and vouchers of the company · A right to require from the company's officers such information and explanations as they think necessary for the performance of their duties ad auditors · A right to attend any general meetings of the company and to receive all notices of and communications relating to such meetings which any member of the company is entitled to receive. · A right to be heard at general meetings which they attend on any part of the business that concerns them as auditors · A right to receive a copy of any written resolution proposed · A right to give notice in writing requiring that a general meeting be held for the purpose of laying the accounts and reports before the company ( of elective resolution dispensing with laying of accounts in force) gtyutuguyt7
