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Unit 4: Auditor Powers, Duties, Liabilities - Coggle Diagram
Unit 4: Auditor Powers, Duties, Liabilities
Rights & Powers
- Receive Notices and Attend AGM
- Receive Branch Audit Report
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- Mention Consent in Prospectus
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- Seek Legal and Technical Advice
- Access Books and Vouchers
- Receive Information and Explanations
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Duties
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- Make Enquiries and Investigation
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- State Reasons for Negative Answers
- Render Services (Section 144)
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- Comply with Auditing Standards (AS)
- Make Statements on Additional Matters
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- Significant role at time of liquidation
Liabilities
- Issue of False Prospectus (Section 35)
- Misappropriation of Clients' Money
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- Penalty for Non-Compliance (Sections 139, 143, 144, 145)
- Liability for Delinquency
- Inducing Fraudulent Investments
- Penalty for False Statements
- Intentional False Evidence
- Liability for Misfeasance
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- Liability to Third Parties
- Destruction, Mutation, or Falsification of BOA
- Liability for Unlawful Acts of the Client
- Liabilities of Articled Clerks
Position and Status
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- Independent Contractor (Agent)
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- Not a Critic of Management
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