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Company Audit
Company Audit
Auditing of book of accounts means verification of accounts by an independent professional to ensure that the accounting has been carried as per the relevant regulatory requirements and to check the veracity of transactions and make an opinion whether the books of Accounts show a true and fair view of financial transactions by the business.
The provisions for a company audit are contained in the Companies Act, 2013. Every company, irrespective of its nature of business or turnover, must have its annual accounts audited each financial year. For this purpose, the company and its directors have to first appoint an auditor at the outset.
Thereafter, at each annual general meeting (AGM), an auditor is appointed by the shareholders of the company who will hold the position from one AGM to the conclusion of the next AGM.
WHO CAN BECOME AUDITOR OF A COMPANY?
Given below are some of the important functions of auditing:
- Review and evaluate the risk management so that changes are made accordingly.
- Evaluate the relevance, reliability of management, financial information, and internal control systems.
- Provides recommendations on the operational and management procedures of the company.
Typically, the schedule of an Audit of Private Limited Companies is cyclical. In reviewing all the annual plans, the auditor should properly explain the appropriateness of the institution’s audit cycle. The audit planning and scheduling are also based on the outcomes of risk assessments performed at least once annually. However, when residual risk is equal to or exceeds the institution’s stated risk appetite for a given subject. The best practices suggest that the subject is audited no less than once annually and more often as deemed necessary.
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