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Effective auditor governance communication requires timely two-way dialogue, documented control reporting, and clear audit committee engagement. Strengthening communication between statutory auditors and those charged with governance, including audit committees, is reiterated as an integral part of the governance and audit framework under the Companies Act, 2013 and the Standards on Auditing. The circular emphasises that the board, independent directors, audit committees, management and auditors each have defined responsibilities in relation to approval of financial statements, oversight of financial reporting, evaluation of financial controls, audit independence, and monitoring of the audit process. Effective communication is presented as a joint and continuing obligation, designed to ensure timely visibility of audit planning, key risks, significant judgments, unusual transactions, internal control issues and matters affecting financial reporting oversight.
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Effective auditor governance communication requires timely two-way dialogue, documented control reporting, and clear audit committee engagement.
Strengthening communication between statutory auditors and those charged with governance, including audit committees, is reiterated as an integral part of the governance and audit framework under the Companies Act, 2013 and the Standards on Auditing. The circular emphasises that the board, independent directors, audit committees, management and auditors each have defined responsibilities in relation to approval of financial statements, oversight of financial reporting, evaluation of financial controls, audit independence, and monitoring of the audit process. Effective communication is presented as a joint and continuing obligation, designed to ensure timely visibility of audit planning, key risks, significant judgments, unusual transactions, internal control issues and matters affecting financial reporting oversight.
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