Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. Balance street and audit

Collection:: Economics Books

5) SECRETARIAL PRACTICE of their information and the explanations given to them, and as shown by the books of the com- pany. Every auditor of a company shall have a right of access at all times to the books and accounts and vouchers of the company, and shall be entitled to require from the directors and officers of the com- pany such information and explanation as may be necessary for the performance of the duties of the auditors. Theauditors of a company shall be entitled to attend any general meeting of the company at which any accounts which have been examined or reported on by them are to be laid before the company and to make any statement or explanation they desire with respect to the accounts. (2) 3) The last provision was introduced by the Companies Act, 1928. It would seem that the auditors cannot use the power conferred on them by this provision to make good their own errors or omissions except perhaps as regards very minor matters. The above imposes upon the directors and officers of the company, including- the secretary, correlative duties, which are (a) to produce at all times to the auditors the books (i.e., not merely books of account, but also minute books, &c.), accounts, and vouchers of the company; and (b) to give at all times to the auditors such information and explanation as may be necessary to enable them to perform their duties. The headnote to the case of Republic of Bolivia Exploration Syndicate (1914), I Ch. 439 thus usefully summarises some of the main duties and responsibilities of auditors: ‘Auditors are bound to know or make themselves acquainted with their duties under the company’s articles and under the Companies’ Acts for the time being in force, and if the audited balance sheets do not show the true financial condition of the com- pany, and damage is thereby occasioned, the onus is on the auditors to show that this damage is not the result of any breach of duty on their part. Auditors are primd facie responsible for ultra vires payments made on the faith of their balance sheet, but whether and to what extent they are responsible for not discovering and calling attention to the illegality of payments made prior to the audit must depend on the special circumstances of each case.’ Any regulations, precluding auditors from availing them- selves of all the information to which thev are entitled under

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