Auditor access to records allows audit work before director approval; same day signing not proof of inadequate audit. Auditors have a right of access to a company's books and vouchers at all times, permitting them to begin audit work, subject to the company's convenience, before formal board approval of accounts. Directors retain responsibility for preparing and approving accounts, while auditors issue a report at the end of the audit process; signing financial statements on the same date as board approval is not by itself proof of an inadequate audit.
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 to records allows audit work before director approval; same day signing not proof of inadequate audit.
Auditors have a right of access to a company's books and vouchers at all times, permitting them to begin audit work, subject to the company's convenience, before formal board approval of accounts. Directors retain responsibility for preparing and approving accounts, while auditors issue a report at the end of the audit process; signing financial statements on the same date as board approval is not by itself proof of an inadequate audit.
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