Digitising Thoughts - Latest Comments in Satyam - What the auditors should check and report

Re: Satyam - What the auditors should check and report

Prasanna — Fri, 09 Jan 2009 06:24:49 -0000

Yes, I agree with Triplicani as for as the powers of auditors are concerned. Really powerful provision which is grossly under-used.

Prasanna

Re: Satyam - What the auditors should check and report

Radhakrishnan — Thu, 08 Jan 2009 12:29:21 -0000

your points are very sharp for those not clear about accounting/audit procedures. grt reading thsi too.

Re: Satyam - What the auditors should check and report

triplicani — Thu, 08 Jan 2009 06:02:13 -0000

//227. Powers and duties of auditors

(1) Every auditor of a company shall have a right of access at all times to the books and accounts and vouchers of the company//

There is enormous power given to the auditors by the above provision. Auditors have the right of access to books and accounts and vouchers of the company "at all times" not just at the time of audit. How many auditors really use this provision?

Won't it be great if the auditors use this right, "right now", to check the books and accounts and vouchers of other suspect companies? And even those that are not that suspect but have a "who knows?" hanging over their head... due to the exemplary performances reported year after year after year!