Auditing 'The rights duties of an auditor

2. AUDITING AND CORPORATE
REPORTING
PRESENTED BY
AQSA ZULFIQAR
NIMRA SIDDIQUE
FIZA IBRAHIM KHAN
PRESENTED TO
MAM UZMA AZAM
DATED
9 JUNE 2021
NATIONAL UNIVERSITY OF MODERN LANGUAGE
CLASS
M.COM 3B
(MORNING)

4. MEANING OF AUDIT
THE TERM AUDIT MEANS
Examination of books of accounts and vouchers to establish their accuracy.
IT IS DEFINED AS“
A systematic examination of financial statements, records and related operations to
determine adherence to generally accepted accounting principles, management policies or stated
requirements”.
ACCORDING TO INTERNATIONAL FEDERATION OF ACCOUNTS
An audit is the independent examination of financial information of any entity
whether profit-oriented or not and irrespective of its size or legal form, when such an examination is
conducted with a view to expressing an opinion thereof.”

5. FEATURES OF
AUDIT
 Making a critical review of the system and
procedures in an organization
 Making such tests and enquiries into the
results as well as the operation of such systems
and procedures, as the auditor may consider
necessary to form an opinion
 Expressing that opinion in the accepted
phraseology that has been developed.

6. WHO IS AUDITOR
 An official whose job is to carefully check the accuracy of business
records. An auditor can be either an independent auditor unaffiliated
with the company being audited or a captive auditor, and some are
elected public officials. The term is sometimes synonymous with
"controller."
 Auditors are used to ensure that organizations are maintaining
accurate and honest financial records and statements.

7. AUITOR’S POWERS
RIGHT TO ACCESS BOOK
RIGHT TO RECIVE
PREPARED FINAL
ACCCOUNT
RIGHT TO SIGN AUDIT
REPORT
RIGHT TO ATTEND
GENERAL MEETING
TIGHT TO
REMUNERATION…

8. RIGHTS OF AUDITOR
 RIGHT TO ACCESS BOOK OF ACCOUNTS
Right of access at all the time
Right to consult all the books,vouchersand documents
 RIGHT TO OBTAIN INFORMATION EXPLANATION.
Right to obtain from the directors and officers
Right to mention the fact in his report
 RIGHT TO CORRECT ANY WRONG STATEMENT
Auditor have right to make report for examined the accounts
Auditor have right to advice the directors for maintaining accounts

9.  RIGHT TO RECEIVE NOTICE AND OTHER COMMUNICATION RELATING TO
GENERAL MEETING
Right to receive noticesand other communications
He may make a statement with regards to the accounts
 RIGHT TO HAVE A LEGAL AND TECHNICAL ADVICE
Right to seek the opinion of the experts
Right to receive his remuneration

10. DUTIES OF AUDITOR
 Duty of an auditor is to make a report regarding accounts
 Duty of auditor to seek access to books of accounts and vouchers
 Compliance with Auditing Standards
 Reporting of Frauds
 Provide Negative Opinion
 Make Inquiries
 Examination of Accounts
 Report to Members

11. QUERIES SESSION……?
THANK YOU FOR YOUR ATTENTION