Statutory Auditor Role

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Statutory Auditor The purpose of a statutory auditor is to determine if an organization is providing a just and exact representation of its financial situation by means of the examination of the information, like the bank balances, records of accounting and financial deals. Statutory Auditor is considered as outsider. He should be a qualified practicing Chartered Accountant. He does auditing once in a year. An Internal Auditor can not be a Statutory Auditor Of the Co. The requisite of which the annual and consolidated accounts of certain companies audited by a qualified professional, who was presented by the Community in its quite for the countable Instructions, it is designed to protect the public interest. guarantee that the audited accounts…show more content…
Like result, in particular, of a series of important financial defeats, you ask they have appeared as regards the function of the legal audit and the independence of the auditor. At level of the EU, it has been difficult to answer to these questions since the normative frame in which the legal audit in the EU is incomplete. There is no common vision at level of the EU on the role, the position and the responsibility of the legal auditor. The absence of such a common point of view has a negative I affect the quality of the audit and at the freedom of establishment and free service of services in the field of the audit As for the needs and expectations of the users it refers, they can be considered reasonable if- the tasks have been prescribed by law ; - there are stakeholders who are willing to pay for the service ( i.e. there is an effective demand) ; - there exists a statutory auditor who is willing to supply the service ( for a price which reflects notably his level of qualification, the difficulty of the task, the number of hours and the risk involved) and is competent to do…show more content…
ICAI said that he has decided to finish the belonging of the errant individuals and imposed a fine of five on him lakh every on them. This is the maximum sorrow that the award beats ICAI for such a misbehavior. K Raghu, President, ICAI, said immediately after Satyam swindle, the disciplinary action began against these professionals with misbehavior suspicion. The Indian arm of PricewaterCoopers, the legal auditor of Sayam, got a $ fine 6,000,000 for the Commission of Stock Exchange and Values for not following the code of conduct and norms of audit in the fulfillment of its functions related under control of the accounts of Satyam. The Satyam ADR they are quoted in NASDAQ and ADRs holders it had presented a collective demand to protect its interests. After the aberrations denunciation from within, the president of that time of Satyam, Ramalinga Raju, account lay brother resigned on January 7, 2009 for a manipulation for 1,47 billion dollars. In February, 2009, the CBI took charge of the investigation. Meanwhile, the special court in Hyderabad treating the case Satyam is probable that to pronounce the judgment of December 23 On October 30, the

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