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Auditor access rights require prompt fraud reporting and adherence to auditing standards, with expanded reporting and subsidiary access. Auditors have a continuous right of access to all company books and vouchers and may require information from officers; this includes access to subsidiary records for consolidation. Auditors must inquire into loans and advances, book-entry transactions, sale of investment assets, deposit classification, personal expense charges, and share allotment cash receipts. Auditors must report to members whether accounts and financial statements give a true and fair view, confirm obtaining necessary information, the maintenance of proper books and branch returns, compliance with accounting standards, internal financial control adequacy and effectiveness, and disclose qualifications or adverse matters; fraud suspicion must be reported to the Central Government.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Auditor access rights require prompt fraud reporting and adherence to auditing standards, with expanded reporting and subsidiary access.
Auditors have a continuous right of access to all company books and vouchers and may require information from officers; this includes access to subsidiary records for consolidation. Auditors must inquire into loans and advances, book-entry transactions, sale of investment assets, deposit classification, personal expense charges, and share allotment cash receipts. Auditors must report to members whether accounts and financial statements give a true and fair view, confirm obtaining necessary information, the maintenance of proper books and branch returns, compliance with accounting standards, internal financial control adequacy and effectiveness, and disclose qualifications or adverse matters; fraud suspicion must be reported to the Central Government.
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