This document discusses the responsibilities and obligations of auditors, particularly principal...

This document discusses the responsibilities and obligations of auditors, particularly principal auditors, in conducting audits of group financial statements under the Companies Act, 2013 and relevant auditing standards. Key points: 1. Auditors must determine necessary audit procedures to fulfill requirements of auditing standards and achieve audit objectives, even if additional procedures beyond standards are required. 2. Principal auditors remain responsible for forming and expressing opinion on group financial statements, requiring them to obtain sufficient appropriate audit evidence, including evaluating work of component auditors. 3. Use of "should" in auditing standards does not make provisions discretionary but implies presumptively ..... .....

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