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Comparation of Kfc and Mcdonalds Practice

  • Date Submitted: 10/28/2013 05:48 AM
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Section 227 states the powers and duties of auditors. The statutory auditor of a company can, at all times, have the right of access to all books of accounts and vouchers of a company. After thoroughly auditing all aspects of a company’s finances including the balance sheet and profit and loss account, he has to make a report to the shareholders on whether the accounts give the information required by law, and whether these represent a ‘true and fair’ view of the company’s financial affairs. This auditor’s report can be quite exhaustive, and has to also specify whether:
the auditor could obtain from management all information and explanations that were necessary for the purpose of audit;
proper books of accounts have been kept by the company;
branch offices have been audited by him and, if by other auditor(s), whether such audited branch accounts were forwarded to him, and how he dealt with such accounts and reports;
the company’s balance sheet and profit and loss account are in agreement with the books of accounts and whether these conform to all applicable accounting standards set by the Institute of Chartered Accountants of India (ICAI); and,
there are any observations, comments or qualifications of the auditor that can have any adverse effect on the functioning of the company. These qualifications have to be made separately, and highlighted in italics or bold face.
Moreover, the annex to the auditor’s report must also certify :
the adequacy of internal controls commensurate to the size of the company and its nature of business;
the adequacy of records maintained for fixed assets and inventories, and whether any fixed assets were re-valued during the year;
loans and advances that were given by the company, and whether the parties concerned were regular in repaying the principal and interest;
loans and advances taken by the company, and whether these were at terms prejudicial to the interest of the company and also whether these were being...


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