The duties of an auditing staff are set down by the businesses Act, 2013, provided in Section 143. The duties have been mentioned in brief, as :
1. Prepare associate degree Audit Report
An audit report, in straightforward terms, is associate degree appraisal of a business’s monetary position. The auditor is to blame for getting ready associate degree audit report supported the monetary statements of the corporate. The books of accounts therefore examined by him ought to be maintained in accordance with the relevant laws.
2. type a negative opinion, wherever necessary
The auditor’s report encompasses a high degree of assurance and dependableness as a result of it contains the auditor’s opinion on monetary statements. wherever the auditor feels that the statements don’t depict a real and honest read of the monetary position of the business, he’s conjointly entitled to make associate degree view on an equivalent. A disclaimer of opinion essentially indicates that because of the dearth of data obtainable, the monetary standing of the entity can not be determined.
3. create inquiries
One of the auditor’s necessary duties is to create inquiries, and once he finds it necessary. A couple of of the inquiries include:-
a. Whether or not loans and advances created on the idea of security square measure properly secured and also the terms about an equivalent square measure honest.
b. Wherever loans and advances square measure created, they’re shown as deposits.
c. Whether or not the monetary statements befits the relevant accounting standards
4. Lend help just in case of a branch audit
Where the auditor is that the branch auditor and not the auditor of the corporate, he can lend help within the completion of the branch audit. He shall prepare a report supported the accounts of the branch as examined by him so send it across to the corporate auditor. the corporate auditor can then incorporate this report into the most audit report of the corporate. additionally to the present, on request, if he desires to, he could give excerpts of his operating papers to the corporate auditor to assist within the audit.
5. Befits Auditing Standards
The Auditing Standards square measure issued by the Central Government in consultation with the National monetary news Authority. It is the duty of the auditor to befits the standards whereas acting his duties as this will increase his potency relatively.
6. News of fraud
Generally, within the course of acting his duties, the auditor could have bound suspicions with relation to fraud that’s going down inside the corporate, bound things wherever the monetary statements and also the figures contained in this don’t quite add up. once he finds himself to be in such things, he can report the come to the Central Government forthwith and within the manner prescribed by the Act.
7. Adhere to the Code of Ethics and Code of skilled Conduct
The auditor, being an expert, should adhere to the Code of Ethics and also the Code of skilled Conduct. a part of this involves confidentiality and care within the performance of his duties. Another necessary requisite is skilled disbelief. In straightforward words, the auditor should have a questioning mind, should be conscious of attainable mishaps, errors, and frauds within the monetary statements.