Author: Rishi Raj, Student at Amity Law School, Lucknow
Co-Author: Aishwarya Pandey, Assistant Professor, Amity Law School, Lucknow
ABSTRACT
The Companies Act 2013 provides a comprehensive framework for the power, duties, and liabilities of a company auditor. The main objective of an auditor is to ensure that a company’s financial statements are accurate, reliable, and in compliance with applicable laws and accounting standards. The powers of an auditor under the Companies Act 2013 include access to all books, accounts, and vouchers of the company, the right to obtain information and explanations from the company’s officers, and the authority to call for general meetings. The Companies Act 2013 also imposes various liabilities on auditors, including civil and criminal liabilities for negligence, fraud, or misconduct. The auditor may also be held liable for any losses suffered by the company or its shareholders as a result of their failure to detect fraud or errors in the financial statements.
