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Audit question Q1. set out the rights and dutoes of auditos unddr cimpany act 2006? Q2. Explain the...

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Accounting

Audit question

Q1. set out the rights and dutoes of auditos unddrcimpany act 2006?

Q2. Explain the responsibilities of:
        - the directors
        - the auditors
       In connection with thepreparation and publication of a company's financial statement

Q3. State whether the following statement are true orfalse and explanation to answer choosen in respect of externalauditors responsibilities:
-auditors are responsible for the financial content of the annualaccount
   (true / false) and why?

-auditors do not have obsalute assurance that thefigures that they audit are correct.
(true/false) and why?

Answer & Explanation Solved by verified expert
4.0 Ratings (708 Votes)
Q 1 498 Duties of auditor under Companies Act 2006 1A companys auditor in preparing his report must carry out such investigations as will enable him to form an opinion as to awhether adequate accounting records have been kept by the company and returns adequate for their audit have been received from branches not visited by him and bwhether the companys individual accounts are in agreement with the accounting records and returns and cin the case of a quoted company whether the auditable part of the companys directors remuneration report is in agreement with the accounting records and returns 2If the auditor is of the opinion athat adequate accounting records have not been kept or that returns adequate for their audit have not been received from branches not visited by him or bthat the companys individual accounts are not in agreement with the accounting records and returns or cin the case of a quoted company that the auditable part of its directors remuneration report is not in agreement with the accounting records and returns the auditor shall state that fact in his report 3If the auditor fails to obtain all the information and explanations which to the best of his knowledge and belief are necessary for the purposes of his audit he shall state that fact in his report 4If athe requirements of regulations under section 412 disclosure of directors benefits remuneration pensions and compensation for loss of office are not complied with in the annual accounts or bin the case of a quoted company the requirements of regulations under section 421 as to information forming the auditable part of the directors remuneration report are not complied with in that report the auditor must include in his report so far as he is reasonably able to do so a statement giving the required particulars uties of auditor 1A companys auditor in preparing his report must carry out such investigations as will enable him to form an opinion as to awhether adequate accounting records have been kept by the company and returns adequate for their audit have been received from branches not visited by him and bwhether the companys individual accounts are in agreement with the accounting records and returns and cin the case of a quoted company whether the auditable part of the companys directors remuneration report is in agreement with the accounting records and returns 2If the auditor is of the opinion athat adequate accounting records have not been kept or that returns adequate for their audit have not been received from branches not visited by him or bthat the companys individual accounts are not in agreement with the accounting records and returns or cin the case of a quoted company that the auditable part of its directors remuneration report is not in agreement with the accounting records and returns the auditor shall state that fact in his report 3If the auditor fails to obtain all the information and explanations which to the best of his knowledge and belief are necessary for the purposes of his audit he shall state that fact in his report 4If athe requirements of regulations under section 412 disclosure of directors benefits remuneration pensions and compensation for loss of office are not complied with in the annual accounts or bin the case of a quoted company the requirements of regulations under section 421 as to information forming the auditable part of the directors remuneration report are not complied with in that report the auditor must include in his report so far as he is reasonably able to do so a statement giving the required particulars    See Answer
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