Company Audit Flashcards
Sec. 138
Internal Audit
Sec. 139
Appointment of Auditors
Sec. 140
Removal, resignation of auditors and giving special notice
Sec. 141
Eligibility, Qualification and Disqualification of auditors
139(1)
Appointment of Subsequent auditor of Non.Govt Co. at AGM
r/w Rule 3- Manner and Procedure of selection and appointment of auditors
r/w Rule 4 - Conditions for appointment and notice to Registrar
139(2)
Rotation of auditors
r/w Rule 5 Class of companies
139(3)
Rotation of Auditing Partner and his team
139(4)
Power of CG to prescribe the manner of rotation
r/w Rule 6 Manner of Rotation of Auditors by the co.s on expiry of the term
139(5)
Appointment of subsequent auditor of the Govt. CO.
139(6)
Appointment of first auditor of Non-Govt. co.
139(7)
Appointment of first auditor of Govt. co.
139(8)
Filling of casual vacancies
139(9)
Re-appointment of Retiring Auditor
139(10)
No auditor is appointed or reappointed at AGM
139(11)
Considerations of recommendations of Audit Committee
140(1)
Removal of auditor before expiry of his term
r/w Rule 7
140(2)
Filing of statement in case of Resignation
r/w Rule 8 - resignation of auditor
140(3)
Penalty for non-compliance of sec.140(2)
140(4)
Removal of auditor on expiry of tenure/ giving of special notice
140(5)
Directions for change of auditors
141(1)
Eligibility for appointment as auditor
141(2)
Authorise partner to act and sign in case of audit firm and LLP
141(3)
Disqualifications to be appointed as auditor
r/w Rule 10 - Disqualifications of Auditor
141(4)
Vacation of office in case of subsequent disqualifications
Sec. 142
Remuneration of auditors
Sec. 143
Powers and duties of auditors and auditing standards
143(1)
Right of access/ right t obtain information/ inquiry into propriety matters
143(2)
Reporting on books and accounts and FS
143(3)
Reporting on Other Matters
r/w Rule 10A Internal Financial Controls
r/w Rule 11 Other matters to be included in Auditor’s report
143(4)
Reasons for adverse remarks for qualifications
143(5)
Directions by CAG to auditor of Govt. co.
143(6)
Order by CAG of supplementary audit of FS of Govt. co.
143(7)
Order by CAG of test audit of accounts of Govt. co.
143(8)
Audit of accounts of Branch office
r/w Rule 12 - Duties and Powers of the co. auditor’s with reference to audit of the branch and the branch auditor
143(9)
Compliance with Standards of Auditing
143(10)
Powers of CG to prescribe Standards of Auditing
143(11)
Powers of CG to issue order for specified co.s to report on certain matters
143(12)
Reporting on Fraud
r/w Rule 13 Reporting of Frauds by Auditor
143(13)
No breach of duty if reporting u/s 143(12) is done in good faith
143(14)
Application of Sec.143 over Cost Accountant and CS
143(15)
Penalty for non-compliance of Sec.143(12)
Sec. 144
Auditor not to render certain services
Sec. 145
Auditor to sign Audit Reports
Sec. 146
Auditors to attend General Meeting etc
Sec. 147
Punishment for contravention
Sec. 148
CG to specify audit of items of cost in respect of certain co.s
r/w Rule 14- Remuneration of Cost Auditor
