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A statutory auditor (監査役, kansayaku) is an official found in Japanese kabushiki gaisha (business corporations). Similar roles are also found in Taiwan and South Korea, which use modified forms of Japanese corporate law, although the English translation most commonly employed for the role in these countries is supervisor or supervisory board.
European Union: Directive 2006/43/EC, article 41.3 and 41.4: "In a public-interest entity, the proposal of the administrative or supervisory body for the appointment of a statutory auditor or audit firm shall be based on a recommendation made by the audit committee. The statutory auditor or audit firm shall report to the audit committee on key ...
If CPAs fail to modify the audit report on financial statements that are materially misstated, investors and firm creditors may experience substantial losses. Depending on the jurisdiction, CPAs may be liable for damages based upon common law, statutory law, or both. Common law liability arises from negligence, breach of contract, and fraud.
Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013. The management of the institute is vested with its council with the president acting as its chief executive authority. A person can become a member of ICAI and become a financial (i.e. statutory) auditor of Indian Companies.
The internal audit plan usually addresses financial reporting and other fundamental controls, to be coordinated with the audit plan of the statutory auditor; Coordinate internal auditing activities and plans with other internal and external providers of assurance and consulting activities to ensure proper coverage and minimize duplication of ...
The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA's role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
European Union: The Audit Directive of 17 May 2006 enforces the use of the International Standards on Auditing for all Statutory audits to be performed in the European Union. The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be ...
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.