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1. Right to access (Section 143(1))

  • Every auditor of a company shall have a right of access at all times to the books of accounts and vouchers of the company, whether kept at the registered office of the company or at any other place and shall be entitled to require from the  officers of the company such information and explanation as he may consider.

Inclusive list of matter for which auditor shall seek information and explanation i.e. Matters of Inquiry by auditor:

(a)  Proper security for Loan and advances,
(b)  Transaction by book entries
(c)   Sale of assets in securities in loss
(d)  Loan and advances made shown as deposits,
(e)  Personal expenses charged to revenue account
(f)   Case received for share allotted for cash

  • Considering specific requirements to prepare and audit Cash Flow Statements, the Companies Act 2013 requires that the auditor of a holding company will have the right of access to the records of all its subsidiaries in so far as it relates to consolidation.

2. Auditor in general meeting (Section 146):

The Companies Act 1956 entitled but did not require an auditor to attend AGM. Under the Companies Act 2013, it is mandatory for the auditor or its authorized representative who is also qualified to be appointed as an auditor, to attend the AGM, unless exempted by the company.

As per section 101, notice of general meeting must be given before 21 days either in writing or through electronic mode to the auditor in such manner as may be prescribed. Every notice of a meeting shall specify the place, date, day and the hour of the meeting and shall contain a statement of the business to be transacted at such meeting

3. Right to remuneration (Section 142):

The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein. It must include the expenses, if any, incurred by the auditor in connection with the audit of the company and any facility extended to him but does not include any remuneration paid to him for any other service rendered by him at the request of the company.


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