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TMI BlogPowers and duties of auditors and auditing standards.X X X X Extracts X X X X X X X X Extracts X X X X ..... r the terms on which they have been made are prejudicial to the interests of the company or its members; (b) whether transactions of the company which are represented merely by book entries are prejudicial to the interests of the company; (c) where the company not being an investment company or a banking company, whether so much of the assets of the company as consist of shares, debentures and other securities have been sold at a price less than that at which they were purchased by the company; (d) whether loans and advances made by the company have been shown as deposits; (e) whether personal expenses have been charged to revenue account; (f) where it is stated in the books and documents of the company that any shares have been allotted fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails thereof and the effect of such information on the financial statements; (b) whether, in his opinion, proper books of account as required by law have been kept by the company so far as appears from his examination of those books and proper returns adequate for the purposes of his audit have been received from branches not visited by him; (c) whether the report on the accounts of any branch office of the company audited under sub-section (8) by a person other than the company s auditor has been sent to him under the proviso to that sub-section and the manner in which he has dealt with it in preparing his report; (d) whether the company s balance sheet and profit and loss account dealt with in the report are in agreement with the books of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f India shall within sixty days from the date of receipt of the audit report under sub-section (5) have a right to (a) conduct any supplementary audit of the company s accounts by himself or by such person or persons as he may authorise in this behalf and such person or persons shall have the same rights and obligations as the auditor who has submitted the report; and (b) comment upon or supplement such audit report: Provided that any comments given by the Comptroller and Auditor-General of India upon, or supplement to, the audit report or, on the report of the supplementary audit conducted by him shall be sent by the company to every person entitled to copies of audited financial statements under sub-section (1) of section 136 and also pla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y him and send it to the auditor of the company who shall deal with it in his report in such manner as he considers necessary. (9) Every auditor shall comply with the auditing standards. (10) The Central Government may prescribe the standards of auditing or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949, (38 of 1949 ) in consultation with and after examination of the recommendations made by the National Financial Reporting Authority: Provided that until any auditing standards are notified, any standard or standards of auditing specified by the Institute of Chartered Accountants of India shall be deemed to be the auditing standards. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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