Company Audit

Question 1

Sec. 138

Answer 1

Internal Audit

Question 2

Sec. 139

Answer 2

Appointment of Auditors

Question 3

Sec. 140

Answer 3

Removal, resignation of auditors and giving special notice

Question 4

Sec. 141

Answer 4

Eligibility, Qualification and Disqualification of auditors

Question 5

139(1)

Answer 5

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

Question 6

139(2)

Answer 6

Rotation of auditors

r/w Rule 5 Class of companies

Question 7

139(3)

Answer 7

Rotation of Auditing Partner and his team

Question 8

139(4)

Answer 8

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

Question 9

139(5)

Answer 9

Appointment of subsequent auditor of the Govt. CO.

Question 10

139(6)

Answer 10

Appointment of first auditor of Non-Govt. co.

Question 11

139(7)

Answer 11

Appointment of first auditor of Govt. co.

Question 12

139(8)

Answer 12

Filling of casual vacancies

Question 13

139(9)

Answer 13

Re-appointment of Retiring Auditor

Question 14

139(10)

Answer 14

No auditor is appointed or reappointed at AGM

Question 15

139(11)

Answer 15

Considerations of recommendations of Audit Committee

Question 16

140(1)

Answer 16

Removal of auditor before expiry of his term

r/w Rule 7

Question 17

140(2)

Answer 17

Filing of statement in case of Resignation

r/w Rule 8 - resignation of auditor

Question 18

140(3)

Answer 18

Penalty for non-compliance of sec.140(2)

Question 19

140(4)

Answer 19

Removal of auditor on expiry of tenure/ giving of special notice

Question 20

140(5)

Answer 20

Directions for change of auditors

Question 21

141(1)

Answer 21

Eligibility for appointment as auditor

Question 22

141(2)

Answer 22

Authorise partner to act and sign in case of audit firm and LLP

Question 23

141(3)

Answer 23

Disqualifications to be appointed as auditor

r/w Rule 10 - Disqualifications of Auditor

Question 24

141(4)

Answer 24

Vacation of office in case of subsequent disqualifications

Question 25

Sec. 142

Answer 25

Remuneration of auditors

Question 26

Sec. 143

Answer 26

Powers and duties of auditors and auditing standards

Question 27

143(1)

Answer 27

Right of access/ right t obtain information/ inquiry into propriety matters

Question 28

143(2)

Answer 28

Reporting on books and accounts and FS

Question 29

143(3)

Answer 29

Reporting on Other Matters r/w Rule 10A Internal Financial Controls r/w Rule 11 Other matters to be included in Auditor's report

Question 30

143(4)

Answer 30

Reasons for adverse remarks for qualifications

Question 31

143(5)

Answer 31

Directions by CAG to auditor of Govt. co.

Question 32

143(6)

Answer 32

Order by CAG of supplementary audit of FS of Govt. co.

Question 33

143(7)

Answer 33

Order by CAG of test audit of accounts of Govt. co.

Question 34

143(8)

Answer 34

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

Question 35

143(9)

Answer 35

Compliance with Standards of Auditing

Question 36

143(10)

Answer 36

Powers of CG to prescribe Standards of Auditing

Question 37

143(11)

Answer 37

Powers of CG to issue order for specified co.s to report on certain matters

Question 38

143(12)

Answer 38

Reporting on Fraud | r/w Rule 13 Reporting of Frauds by Auditor

Question 39

143(13)

Answer 39

No breach of duty if reporting u/s 143(12) is done in good faith

Question 40

143(14)

Answer 40

Application of Sec.143 over Cost Accountant and CS

Question 41

143(15)

Answer 41

Penalty for non-compliance of Sec.143(12)

Question 42

Sec. 144

Answer 42

Auditor not to render certain services

Question 43

Sec. 145

Answer 43

Auditor to sign Audit Reports

Question 44

Sec. 146

Answer 44

Auditors to attend General Meeting etc

Question 45

Sec. 147

Answer 45

Punishment for contravention

Question 46

Sec. 148

Answer 46

CG to specify audit of items of cost in respect of certain co.s r/w Rule 14- Remuneration of Cost Auditor