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An appointment letter from an auditor confirms the appointment in the company. The letter is sent by the company's board of directors and the audit committee, that outlines the terms and conditions of the appointment.
The letter basically outlines the scope of the audit, the time frame for completion, or any other specific area. Also, it includes the name of the firm and the auditor, the reason for the appointment, fee structure, payment terms, and other information about the appointment. Both parties have to sign the document and carefully review and read the terms before signing.
The appointment letter helps to understand the terms and conditions between the firm and the auditor. Also, it establishes a successful audit process. Similarly, it ensures compliance with any relevant regulations or standards.
Powers and Duties of Auditor
The following are the powers and duties of an auditor:
Prepare an audit report, which shows a true and fair view of the company's finances.
Issue a disclaimer of opinion, if he finds that the information provided is not proper to make a decision.
Comply with auditing standards issued by the Central Government.
Lend assistance in case of branch assistance, across to the company auditor.
Adhere to the code of ethics and code of professional conduct.
If the auditor found any suspicious activity, then he should report the fraud to the Central Government.
