INTRODUCTION

Audit report is a fundamental document in any audit. Auditor is bound to safeguard the interest of shareholders.

AUDIT UNDER COMPANIES ACT, 1956

Under section 227(2) of the Companies Act, 1956, the auditor is required to make a report to the members of the company

CONTENT OF AUDIT REPORT

Audit report applies to all reports in which the auditor is required to express his opinion Auditor should identifies the person to whom it is addressed and the financial statements to which it relates

ELEMENTS OF AUDIT REPORT

TITLE ADDRESSEE INTRODUCTORY APPROACH SCOPE PARAGRAPH OPINION PARAGRAPH DATE, PLACE AND SIGNATURE

SPECIMEN OF AN AUDIT REPORT

AUDIT CERTIFICATE

AUDIT REPORT

It is a written confirmation of the accuracy

It is a formal statement

Auditor verifies the facts

Auditor certify the circulation figures of a company

A reporting auditor gives a report on factual data The report involves expression of opinion

AUDIT CERTIFICATE & AUDIT REPORT

AUDITORs OPINION
QUALIFIE D OPINION DISCLAIM ER OF OPINION

ADVERSE OPINION

QUALIFIED AUDIT REPORT

CLEAN REPORT

LFAR

QUALIFICATIONS, OBSERVATIONS AND REMARKS IN CASE OF AUDIT OF BANKING & INSURANCE COMPANY

In case of a banking company, the matters to be included in audit report as per sec 30(3) of Banking Regulation Act.
In case of insurance companies, there are provisions in the Insurance Act in respect of which the auditor is required to report.

CASE STUDIES
1.

The auditor of a limited company has given a clean report on the financial statement on the basis of xerox copies of the books of accounts. Vouchers and other records were taken away by the income-tax department in search under section 132 of the Income Tax Act, 1961.

2. A company produced of fixed deposit receipts as the original receipts were kept in the iron safe of the Director, Finance who was presently out of the country on companys business. As an auditor of the company, how would you act in the situation?

PRIMARY DATA

CONCLUSION