Statutory Audit
Rights of Auditors Auditors are usually given rights within national law, to help ensure they can do their job properly. Rights will vary between countries, as they are set by government. Typical rights include: ● Access to all books and records ● Access to all information and explanations ● the right to: o be given notice of a general meeting o attend the general meeting o speak at the general meeting ● the right to resign without finishing the audit ● the right to have information sent to shareholders, should the auditors wish to. Duties of Auditors Auditor duties are also typically set by government, so will vary by country. Typical duties: ● to issue an audit report, giving opinions on: o truth and fairness of the Financial Statements o whether the Financial Statements are properly prepared (within national rules) o any other opinions required by government, eg: ▪ whether proper accounting records kept ▪ Whether Directors' Report is consistent with the FS ● when leaving a client, to issue a Statement of Circumstances explaining whether there are any specific reasons for them leaving ● after leaving a client, to respond to any requests for information from the firm of auditors who replace them.