Who will sign the audit report in case of a proprietorship concern or the firm of the auditors and how the qualification/s in the audit report will…
CA Intermediate · Corporate and Other Laws · PYQS · May 2024
Who will sign the audit report in case of a proprietorship concern or the firm of the auditors and how the qualification/s in the audit report will be dealt with by the auditor at the annual general meeting of the company as per the provisions of the Companies Act, 2013?
Suggested Answer and Working Notes:
As per section 145 of the Companies Act, 2013, The person appointed as an auditor of the company shall sign the auditor's report or sign or certify any other document of the company in accordance with the provisions of section 141 (2) (i.e. in case of firm including LLP is appointed as an auditor of a company, only the partner who are Chartered Accountants shall be authorized to act and sign on behalf of the firm). The qualifications, observations or comments on financial transactions or matters, which have any adverse effect on the functioning of the company mentioned in the auditor's report shall be read before the company in general meeting and shall be open to inspection by any member of the company.
Topics: Audit and Auditors
Related Questions in this Topic
- ABC & Associates, Chartered Accountants, were re-appointed as auditors of X Ltd. at its AGM held on 30-09-2024. The Boar...
- Sohan Lal was appointed as the statutory auditor of RST Ltd., a non-government company, at the Annual General Meeting he...
- Kanchan Finance Ltd. is a listed company. Since the term of the present statutory auditor is to hold office up to the co...
- AB & Associates, a firm of Chartered Accountants was re-appointed as auditors at the Annual General Meeting of Kishore L...
- White Private Limited is engaged in the business of manufacturing premium quality rattle toys. They have a huge market f...