Page 288 - DCOM204_AUDITING_THEORY

Auditing Theory Sukhpreet Kaur, Lovely Professional University

Notes Unit 14: Audit of a Partnership Accounts and

Government Company

CONTENTS
Objectives
Introduction
14.1 Audit of Partnership Account

14.1.1 Advantages of Audit to Partnership Firms
14.1.2 Appointment of Auditor by Individual Partners
14.1.3 Key Audit Partner

14.1.4 Audit Procedure
14.2 Audit of Government Companies
14.2.1 Objectives of Government Audit
14.2.2 Preservation of Records by the Companies

14.2.3 Directors’ Responsibility Statement
14.2.4 Appointments of Auditors

14.2.5 Remuneration of Auditors
14.2.6 Disqualification of Auditors
14.2.7 Audit Fees
14.3 Comptroller and Auditor-General of India

14.3.1 Audit Jurisdiction
14.3.2 Audit of Government Companies (Commercial Audit)
14.3.3 Audit Board Setup in Commercial Audit

14.3.4 Nature of Audit
14.3.5 Performance Audit
14.3.6 Regularity Audit (Financial)

14.3.7 Action on Audit Reports
14.3.8 Public Accounts Committee
14.3.9 Committee on Public Undertakings

14.3.10 CAG’s Role
14.4 Summary
14.5 Keywords
14.6 Review Questions

14.7 Further Readings

282 LOVELY PROFESSIONAL UNIVERSITY