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  Role of the Auditors

Introduction to the Role of the Auditors

Shareholders are needed to choose a qualified and independent person or, more generally, a firm to act like auditors. The main duty of an auditors is to report whether, in their view, the financial statements do what they are thought to do, namely to depict a true and fair view of the financial performance, position and cash flows of the company. To be able to create such type of an opinion, auditors must cautiously scrutinise the yearly financial statements and the fundamental proof upon which they are based. Particularly, they will observe the accounting principles followed, the accounting estimates made and the strength of the internal control systems of company. The opinion of auditors must be involved with the financial statements sent to the shareholders and to the Registrar of Companies.

The connection among the shareholders, the directors and the auditors is demonstrated in Figure 5.3. This depicts that the shareholders elect the directors to work on their behalf, in the everyday running of the company. The directors are then needed to 'account' to the shareholders on the position, performance, and cash flows of the company, on a yearly basis. The shareholders also elect auditors, whose role it is to provide the shareholders an independent view of the truth and fairness of the financial statements ready through the directors.     

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Figure: the relationship between the shareholders, the directors and the auditors

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