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INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES IN 1961 Material irregularities will be normally be brought to light by sound audit Procedures but there is nothing in the companies act which specifically Places a duty upon auditors to search for them or to examine the books Accounts with the object of discovering whether there have been defalcations Or other irregularities by directors or employees of the companyµ .

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. Õ The balance sheet and the profit and loss account give a true and fair view of the of the state of the company·s affair. proper books of accounts as required by the law have been kept by the company so far as appears from his examinations of those books. Õ he has obtained all the informations and explanations which to the best of his knowledge were necessary of his audit. Õ in his opinion .