Auditor Rights And Duties

Question 1

The auditing profession is subject to what sources?

Answer 1

1. National legislation
2. National regulation and standard setting
3. Professional bodies, such as ACCA
4. International standard setting

Question 2

What are the auditor’s rights?

Answer 2

1. Access to the company’s books and records
2. Receive information and explanations
3. Receive notice and attend general meetings
4. Speak at general meetings on matters that concern the auditor
5. Receive copies of any written resolutions proposed

Question 3

What are the auditor’s duties?

Answer 3

1. Report opinion on whether the statements are fairly presented
2. Report opinion on additional statutory requirements
3. Adhere to local laws
4. Maintain adequate records and returns
5. Ensure financial statements agree to records
6. Ensure consistency of other information
7. Ensure disclosure of directors’ benefits