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true false do answer

AAS 849 views 2 replies

Prateek

Accounts Manager

58 Points Joined February 2010

1. auditors primary responsinbility is to detect errors & frauds..

2. cag conduct d audit of govt. companies.

3.if auditor lacks indepence he may issue a adverse report.

4.the 1st auditor of a public company appointed by the board of directors hold ofice till d conclusion of its statutory meeting.

Replies (2)

CA. Abhishek K. Pandey

Manager (Advance)

901 Points Joined March 2008

1. False
2. True.
3. True.
4. False.

CA Dhiraj Ramchandani

CA M. com

10823 Points Joined November 2008

1. FALSE, the primary responsibility is to express view on truthness nd fairness of financial statements..... 2. TRUE, cag is authorised to conduct such audit. But he too can appoint a statutory auditor eligible u/s 224 for govt companies audit....... 3. TRUE, yes an auditor can issue an adverse comment or diclaimer..... 4. FALSE, its not the initial statutory meeting, but the FIRST AGM, on conclusion of which the first auditor vacates his office....