fundamental aspects of auditing are, objectives, techniques and principles of
auditing, preparation for an audit, internal audit and internal check,
vouching, verification and valuation of assets and liabilities, etc. These
aspects are applicable to the audit of all types of business entities. However
audit of business concerns other than corporate entity is not mandatory.
But in the
case of a joint stock company, the audit is a statutory requirement under the
Companies Act, 2013. Therefore, provisions regarding appointment of a company
auditor; his qualifications; disqualifications; powers; duties, etc. are also
governed by the Act.
the Indian Companies Act, 2013, it is compulsory for every company, whether
public or private limited, to get its accounts audited by a qualified auditor.
Therefore, it is essential that the auditor of a company should be familiar
with the provisions of the Companies Act relating to his appointment, duties