Institute of Chartered Accountants, India
ICAI Bhawan, Indraprastha Marg
Post Box no: 7100
New Delhi – 110 002
Sub: Reliance on the Sanctity of Audited Balance Sheet and safeguarding the Country’s Financial Ecosystem
It is redundant to state to you that the sections224, 225 and 226of the Companies Act, 1956, compel an auditor for diligent scrutinization of the respective company’s audit-books’ fair and true value in an unambiguous manner. Mentioningtheright to inspect,duty to reportand liabilities of an auditor, according to section 227 of the Companies Act, 1956, is just carrying coal to Newcastle.
However, it is a matter of regret to inform you that in the context of contemporary scenario, in many cases, auditors’ reports have cut a sorry figure to execute proper surveillance and vigilance. The”Statement of Accounting Principles” of The Institute of Chartered Accountants (ICAI) states that an…
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