Explain what your duties and rights are as an auditor of a company in line with the provisions of the Ghana Companies Act 1963 (Act 179). (10 marks)
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My duties as an auditor of a company as set out in the Companies Code are as follows:
- To make a report to the members on all Accounts laid before them at annual general meeting, Stating whether the Accounts – give a true and fair view and have been properly prepared in accordance with the provisions of the Companies Code.
- To investigate, and form an opinion on, whether: (a) Proper accounting records and returns have been kept and (b) the Accounts are in agreement with the accounting records and returns
- To modify any opinion on the financial statements if I cannot report affirmatively in respect of the requirements in the 5th schedule to the companies code.
- The Companies Code requires that the auditors gives certain information on the remuneration of and other transaction of the company’s directors, if these are not given in the accounts
My rights as auditor as mentioned in the Companies Code are: - Right of Access at all times to the books, accounts and vouchers of the company
- Right to such information and explanation as l think necessary for the performance of my duties
- Right to receive notice of, attend and speak at meetings of the members
- Right to apply to the court for direction on any aspect of his work.
- Right to communicate with the previous auditor in the case of an initial audit and request any information l may need for my assignment.
- Right to ensure that before being removed, the provisions in the Companies Code have been followed.