Business Ethics and Corporate Governance, Second Edition

RESPONSIBILITIES OF AUDITORS

The Institute of Chartered Accountants of India (ICAI) has issued the Standard Auditing Practices and Auditing and Accounting Standards with emphasis on effective auditing practices. It talks about the integrity, objectivity, independence, confidentiality and responsibility of an Auditor.⁷

As per the Standard Auditing Practices (2), an auditor has the following responsibilities:

• He is responsible for forming and expressing his opinion on the financial statements. He assesses the reliability and sufficiency of the information contained in the underlying accounting records and other source data by making a study and evaluation of accounting systems and internal controls.
• He determines whether the relevant information ...