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A "statutory audit" is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial ...
[1] [2] It was established on July 1, 1961 to regulate the profession of accountancy and audit in Pakistan. It is an autonomous statutory body established under the Chartered Accountants Ordinance, 1961. However, with the significant growth in the profession, the CA Ordinance and By-Laws were revised in 1983.
Lawsuits brought against auditors based on statutory provisions differ from those under common law. Common law theories of liability may evolve or change over time, and interpretation and application may differ between jurisdictions, while statutory law is constrained to a greater degree by the text of the underlying statute.
An auditor is a person or a firm appointed by a company to execute an audit. [1] To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications.
The Auditor General of Pakistan (Urdu: محاسبِ اعلٰی پاکستان) is a government organization and the prime and supreme audit institution (SAI) in the country for ensuring public accountability and fiscal transparency and oversight in governmental operations. The organization is expected to bring improvements in the financial ...
An auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on the results of the audit.
The CAG is also the statutory auditor of Government-owned corporations and conducts supplementary audit of government companies in which the government has an equity share of at least 51 percent or subsidiary companies of existing government companies. The CAG is also the statutory auditor of the Lokpal. [4]
When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the ...