To examine the books, accounts and vouchers of the company and to consider information and explanation provided during their tenure of office.
To make a report to members on the accounts examined by them and on every balance sheet, profit and loss account and on all group accounts laid before the company in general meeting. This report must contain the statements mentioned in the Seventh Schedule to the Act.
To acquaint themselves with their duties under the Companies Act and the articles of association of the company whose accounts they are appointed to audit. It was so held in re Republic of Bolivia Exploration Syndicate .
To satisfy themselves that the companies securities exist and are in safe custody. If not they must demand that urgent action be taken. It was so held in re City Equitable Fire Insurance Co. Ltd .
To exercise the care and skill of a reasonably competent careful and cautious auditor. It was so held in re Kingston Cotton Mills no 2 .
To approach his task with an inquiring mind and with a foregone conclusion that something is wrong. It was so held in re Kingston Cotton Mills no 2 .
To provide professional advise if called upon to do so. It was so held in FomentoLtd V Selsdon Fountain Pen Co. Ltd.
To act honestly, by not certifying as true what he does no believe to be true and exercising care and skill before certifying something as true. It was so held in re
London and General Bank Co. Ltd [ .