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Council Of Institute Of Chartered ... vs V. Rajaram Of V. Rajaram And Co., ... on 30 July, 1959
cites
Chartered Accountants Act, 1949
Controller Of Insurance vs H.C. Das on 4 January, 1957
7. In Spicer and Pegler's 'Practical Auditing ' it is pointed out that the verification of loans on security involves not only an examination of the loan account in the ledger, but also of the security lodged, in order that the auditor can satisfy himself that the loan is properly secured, and that there is a reasonable margin between the amount of the loan and the value of the security. These duties are also adverted to at length in Controller of Insurance v. H.C. Das , by the Calcutta High Court. Referring to verification of cash this Court had occasion to point out the duties of an auditor in R.C. No. 56 of 1951. We had there observed that the mere certificate from the Managing Agents that they had cash with them could not absolve an auditor from his duty to make the verification himself, and the method of verification which only consisted in accepting the report of the Managing Agents is against the accepted audit practice and principle.
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