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AUDIT COMMITTEE 21 Nov 2012 | 04:53 pm
AUDIT COMMITTEE The Board of directors of every listed company shall establish an audit committee. The audit committee shall comprise not less than three members, including the chairman. Majority of t...
LIABILITIES OF AN AUDITOR 21 Nov 2012 | 04:52 pm
CIVIL LIABILITIES The auditor may incur civil liability to pay damages. He is expected to exercise reasonable skill and care in performance of duties. The client may suffer financial loss due to failu...
DUTIES OF AN AUDITOR 21 Nov 2012 | 04:50 pm
DUTIES OF AN AUDITOR A. STATUTORY DUTIES UNDER COMPANIES ORDINANCE 1984 1. CERTIFY STATUTORY REPORT: The auditor certifies statutory report when company is formed. The report contains inform...
RIGHTS OF AN AUDITOR 21 Nov 2012 | 04:49 pm
RIGHTS OF AN AUDITOR 1. ACCESS TO BOOKS: The auditor has right of aceess to the books of accounts. He can see the books at head office or at branches. There is no need to give any notice for...
Personal Qualities of Auditor 21 Nov 2012 | 04:48 pm
Personal Qualities of Auditor 1. TACT: The auditor needs technical information to comment and criticise policies of management. When any information is missing he can collect such informati...
QUALITIES OF AN AUDITOR 21 Nov 2012 | 04:47 pm
QUALITIES OF AN AUDITOR A. PROFESSIONAL QUALITIES 1. ACCOUNTING: The auditor is an expert in the field of accounting. He knows the principles, methods and techniques of accounting. It is a p...
AUDITOR IS A WATCH DOG AND NOT A BLOOD HOUND 21 Nov 2012 | 04:45 pm
AUDITOR IS A WATCH DOG AND NOT A BLOOD HOUND The auditor is responsible for detection and prevention of errors and frauds. He knows his duty to detect errors and frauds. He takes such measures to pr...
AUDITOR’S LIEN ON BOOKS OF ACCOUNTS 21 Nov 2012 | 04:44 pm
AUDITOR’S LIEN ON BOOKS OF ACCOUNTS The auditor can examine the books of accounts for the purpose of audit under the terms of appointment. The books of accounts are maintained by the accountant at hea...
STATUS OF AUDITOR 21 Nov 2012 | 04:43 pm
STATUS OF AUDITOR An auditor performs different roles in different situations during conduct of audit. A chartered accountant may assume dual duty of preparing accounts and their audit. In this case h...
PROCEDURE FOR REMOVAL OF AUDITOR 21 Nov 2012 | 04:42 pm
PROCEDURE FOR REMOVAL OF AUDITOR 1. BOARD MEETING: The proposal for removal of auditors is consideredand approved by the directors in the board of directors meeting. 2. NOTICE TO AUDITORS:...
