Para 2.5.14 — MSO

A. Issue of directions to statutory auditors 2.5.14 Statutory auditors have to function within the parameters of the Companies Act, 1956. Their primary responsibility is to examine and certify the Profit and Loss Account and the Balance Sheet ensuring that they disclose a true and fair view of the company’s financial position. They are required to see that the managements have complied with various provisions of the Companies Act and the generally accepted Accounting Standards as well as the guidelines issued by the Institute of Chartered Accountants of India.