Audit assignment means the auditor's remuneration for the statutory audit.
The work includes the audit of the annual financial statements and accounting records, management by the Board of Directors and the Chief Executive Officer as well as fees for audit advice provided in connection with the audit assignment..
"Auditing is such an examination of the books, accounts and vouchers of a business's shall enable the auditor to satisfy himself whether or not the balance sheet is properly drawn up so as to exhibit a true and correct view of the state of affairs of the business according to his best of the information given to him .
Audit assignment means the auditor's remuneration for the statutory audit.
The work includes the audit of the annual financial statements and accounting records, management by the Board of Directors and the Chief Executive Officer as well as fees for audit advice provided in connection with the audit assignment..
To prepare audit working papers, auditors must follow established procedures, including planning the audit, identifying risks, performing testing, and documenting their findings.
In addition, working papers should be organized, clear, and detailed enough to support the audit conclusions..
Importance of Auditing
It is to ensure that financial information is represented fairly and accurately.
Also, audits are performed to ensure that financial statements are prepared in accordance with the relevant accounting standards.
The three primary financial statements are: Income statement..
The auditor so appointed shall hold the office from the conclusion of one Annual General Meeting to the conclusion of the next Annual General Meeting
,5The auditor will be guilty of professional misconduct if at any time he accepts audit more than the specified numbers of audit assignments of the company u/s 224 of the Act
In circumstances other than those envisaged in paragraph 13 where the auditor finds it necessary to modify existing audit documentation or add new audit documentation after the assembly of the final audit file has been completed, the auditor shall, regardless of the nature of the modifications or additions, document: (Ref: Para
For any area of operations subject to an operational internal audit assignment, the internal auditor needs to consider: The risks the control procedures for managing and limiting the risk, and whether these are adequate how the control procedures can be tested, to make sure that they are working effectively
