Week 1 - Rights, Duties and Responsibilities of an Auditor

Question 1

What are the first two rights of an auditor?

Answer 1

• right to information and explanations
• right to access company records

Question 2

What are the second two rights of an auditor?

Answer 2

• right to receive notice of meetings, to attend and to speak (in case of removal or to make representations to stay)
• right to attend meetings

Question 3

What are the duties of an auditor?

Answer 3

To report to shareholders whether accounts show a true and fair view and comply with Companies Act (and other relevant legislation and regulatory standards)

Question 4

What are the responsibilities of an auditor?

Answer 4

• responsible to give statement on leaving
• responsible to resign if ineligible