Excel for
Chartered Accountants

· The auditor while signing the Balance Sheet, Statement of Profit & Loss and Cash Flow statement did not mention his membership number and firm’s FRN.

· The auditor’s report of a listed Bank had been addressed to the President of India instead of to the Members.

· The requirement of SA 700 was not complied with in respect of one of the branch.

· Long format audit report did not comply with the provisions of SA-700; it did not bear the date, place and signature of the auditor.

· The auditor has to mandatorily report the compliance of all the applicable Accounting Standards in its report. However, the audit firm had not reported it in its report.

· According to SA 700, an audit report should be appropriately addressed as required by the circumstances of the engagement. However, the firm had not mentioned the addressee, to whom it was addressed in its report.

· The Independent Auditor’s Report was issued in old format i.e. not as per SA- 700(Revised) as applicable to the financial year 2012-13.

· In the heading of auditor report for consolidated financial statement of the company the word “Independent” was not used. It should have been “Independent Auditor’s report”.

· Annexure to audit report did not comprise comments on internal control system with respect to purchase of inventories, fixed assets, and for the sale of goods and services.

· The firm had not reported in its auditor’s report that whether any fraud on company or by the company had been noticed or reported during the period of audit or not.

Quality Review Board Report on Quality Review Findings (2012-15) Click Here >>

Quality Review Board (QRB) Report 2012-15- Forming an Opinion and Reporting on Financial Statements in Accordance with Standard on Auditing SA 700 |18-08-2015|