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of <h1>Auditors' Powers and Duties Under Section 143: Access Records, Report on Finances, Notify Fraud, Face Penalties for Non-Compliance.</h1> Section 143 of the Companies Act, 2013 outlines the powers and duties of auditors, granting them access to company records and requiring them to report on financial statements. Auditors must verify the security of loans, assess book entries, and ensure compliance with accounting standards. They report on internal controls and any adverse financial effects. In cases of suspected fraud, auditors must notify the Central Government. The Comptroller and Auditor-General of India oversees audits for government-related companies, with provisions for supplementary audits. Non-compliance with these duties results in penalties, particularly for listed companies.
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