ABSTRACT
The duties of an auditor of a company registered under the Companies Act are entirely undefined by Statute, and it is unquestionable that the present state of procedure has been built up entirely by auditors who felt that they had a professional reputation to sustain. It is an excellent plan to bring the audit of the cash book down beyond the date of the balance-sheet, and the auditor can thus test the actual collection of the sundry debtors, and reduce the outstandings in doubt to very small dimensions. There was a great deal of evidence led regarding the faulty grouping of the balance-sheet items, and what is fair description under which to class the various assets—no question appears to have arisen as regards the classing of the liabilities. It is certainly a model of clearness, shows a distinct and definite grouping of the assets and liabilities arranged under proper heads.
