PORTFOLIO OF AN AUDITOR

INTRODUCTION

QUALITIES OF AN AUDITOR

DUTIES OF AN AUDITOR
Duty to report[section 227(2)and (3)] Duty to enquire[section 227(1A) Loans and advances made whether properly secured and terms not prejudicial to member/company interest. Transactions of the company represented merely by book entrirs not prejudicial to the interests of the company.

 Investment sold at less than cost price. Personal expenses have been charged to revenue account. Duty to make statements on additional matters by Central G overnment. Other statutory duties Duty to report under voluntary winding-up Duty of auditors to attend Audit Committee meetings.

Rights and powers of an auditors

Right of access at all times to books, accounts and vouchers of the company

Right of lien books of accounts

Right to receive remuneration

Right to receive notice and to attend general meeting

Right to appoint branch auditor

Right to sign audit report

Right to obtain information and explanation

Right to visit branches

Right to audit accounts of branch office of the company.

RESPONSIBILITIES OF AN AUDITOR
Opinion Fair Behaviour Settlement of Clashes Maintain Secrecy Take care of the Firms Reputation Conflict of interest Unsafe Activities

LIABILITIES OF AN AUDITOR
(A) Civil Liabilities 1. Liability of Negligence 2. Liability of Liable 3. Liability of the Third Party 4. Misstatement in Prospectus 5. Breach of Contract

(B) Criminal Liabilities 6. Misstatement in Prospectus (Sec-63) 7. Requirements of Reports (Sec-225) 8. Assistant to Investigate (Sec-240). 9. Assistance to Prospectus (Sec-242) 10. Return Books, Papers Property etc. (Sec477) 11. Public Examination (Sec-478) 12. Falsification of Books of Accounts (Sec539) 13. Prosecution of Auditor (Sec-545)

14. False Statement In Any Return 15. Disqualified Auditor (Sec-254(6)) 16. Non-Compliance (Sec-260) 17. Auditor Report 18. Assist Inspector (Sec-268) 19. Auditor Account (Sec-384(4)) 20. False Evidence (Sec-419) 21. Winding (Sec-420) 22. False Statement (Sec-492) 23. Pakistan Penal Code (Sec-197) 24. Professional Misconduct

 (C) Other Liabilities 25. Honorary Audit 26. Joint Audit