Companies Act 2017
Sec. 248 Auditors' right to information
An auditor of a company has a right of;
a. Access at all times to the company's books, accounts
and vouchers (in whatever form they are held); and
Access to such copies of, an extracts from, the books
b. and accounts of the branch as have been transmitted
to the principal office of the company;
To require any of the following persons to provide him
c. with such information or explanations as he thinks
necessary for the performance of his duties as auditor.
Companies Act 2017
Sec. 248 Auditors' right to information
i. Any director, officer or employee of the company;
Any person holding or accountable for any of the
ii.
company's books, accounts or vouchers;
iii. Any subsidiary undertaking of the company; and
Any officer, employee or auditor of any such subsidiary
undertaking of the company or any person holding or
iv. accountable for any books, accounts or vouchers of
any such subsidiary undertaking of the company.
Companies Act 2017
Sec. 249 Duties of auditor
A company's auditor shall conduct the audit and prepare his report in
01 compliance with the requirements of International Standards on Auditing
as adopted by the Institute of Chartered Accountants of Pakistan.
A company's auditor must carry out such examination to enable him to
02 form an opinion as to;
a.
whether adequate accounting records have been kept by the company and returns
adequate for their audit have been received from branches not visited by him; and
b.
whether the company's financial statements are in agreement with the accounting
records and returns.
Companies Act 2017
Sec. 249 Duties of auditor
The auditor shall make out a report to the members of the company on the
accounts and books of accounts of the company and on every financial
03 statements and on every other document forming part of such statements
including notes, statements or schedules appended thereto, which are to
be laid before the company in general meeting and the report shall state
a.
whether or not they have obtained all the information and explanations which to the
best of their knowledge and belief were necessary for the purposes of the audit and if
not, the details thereof and the eflect of such information on the financial statements;
b.
whether or not in their opinion proper books of accounts as required by this Act have
been kept by the company:
Companies Act 2017
Sec. 249 Duties of auditor
c.
whether or not in their opinion the statement of financial position and profit and loss
account and other comprehensive income or the income and expenditure account
and the cash flows have been drawn up in conformity with the requirements of
accounting and reporting standards as notified under this Act and are in agreement
with the books of accounts and returns;
d.
whether or not in their opinion and to the best of their information and according to the
explanations given to them, the said accounts give the information required by this
Act in the manner so required and give a true and fair view
i. ii. iii.
in the case of the profit and loss in the case of statement
in the case of the
account and other comprehensive of cash flows, of the
statement of financial
income or the income and expenditure generation and utilisation
position, of the state of
account, of the profit or loss and other of the cash and cash
affairs of the company as
comprehensive income or surplus or equivalents of the company
at the end of the financial
deficit, as the case may be, for its for its financial year;
year,
financial year; and
Companies Act 2017
Sec. 249 Duties of auditor
e.
whether or not in their opinion;
i. ii.
investments made, zakat deductible at source under
expenditure incurred and the Zakat and Usher Ordinance, 1980
guarantees extended, (XVIII of 1980), was deducted by the
during the year, were for the company and deposited in the Central
purpose of company's Zakat Fund established under
business; and section 7 of that Act.
Where the auditor's report contains a reference to any other report,
statement or remarks which they have made on the financial statements
examined by them, such statement or remarks shall be annexed to the
auditor's report and shall be deemed to be a part of the auditor's report.
Companies Act 2017
Sec. 249 Duties of auditor
Where any of the matters referred to in sub-section (2) or (3) is answered
04 in the negative or with a qualification, the report shall state the reason for
such answer along with the factual position to the best of the auditor's
information.
The Commission may, by general or special order, direct that, in the case
05
of all companies generally or such class or description of companies as
may be specified in the order, the auditor's report shall also include a
statement of such additional matters as may be so specified.
The auditor shall express unmodified or modified opinion in his report in
06 compliance with the requirements of International Standards on Auditing
as adopted by the Institute of Chartered Accountants of Pakistan.
Companies Act 2017
Sec. 249 Duties of auditor
The Commission may by general or special order, direct, that the
07 statement of compliance as contained in sub-section (4) of section 227
of this Act, shall be reviewed by the auditor who shall issue a review report
to the members on the format specified by the Commission.
The auditor of a company shall be entitled to attend any general meeting
of the company, and to receive all notices of, and any communications
08 relating to, any general meeting which any member of the company is
entitled to receive, and to be heard at any general meeting which he
attends on any part of the business which concerns him as auditor:
Provided that, in the case of a listed company, the auditor or a person
authorised by him in writing shall be present in the general meeting in
which the financial statements and the auditor's report are to be
considered.
