Roles and Responsilibilities of the Auditor under Companies Act 2013

Abstract

If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government. Each Auditor has to comply with the auditing standards and Cost Accountant has to comply with Cost Auditing Standards and Company Secretary needs to comply with secretarial standards. Otherwise, provisions of Section 143(15) read with Section 147(2) will be applicable. The cost auditor has got more responsibility than that of auditors under Companies Act 2013, since auditors are not certifying tax payable, tax paid and tax collected, as also are not required to give the reconciliation between the turnover as per financial account and turnover as per excise / service tax.