A COMPARATIVE STUDY ON THE ISSUE OF AUDITING IN COMPANIES UNDER IRANIAN LAW AND ENGLISH LAW

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PASEBAN M.R.

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Journal: LAW & POLITICS RESEARCH JOURNAL Year:2006 | Volume:7 | Issue:15-16 (SPECIAL OF LAW) Page(s): 83-114

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Information Journal Paper

Title

A COMPARATIVE STUDY ON THE ISSUE OF AUDITING IN COMPANIES UNDER IRANIAN LAW AND ENGLISH LAW

Author(s)

PASEBAN M.R. | Issue Writer Certificate

Keywords

AUDITING OF COMPANIESQ4

INTERNAL AUDITINGQ4

EXTERNAL INSPECTIONQ4

SMALL COMPANIESQ4

INSPECTORQ4

AUDITORQ4

Abstract

In Iranian legal system, auditing in companies has two main characteristics: the first is that, under Iranian law existence of an auditing body, only in joint stock companies, is compulsory, and in other companies, except that of in limited liability companies (with one exemption), and mixed joint stock companies, appointing an AUDITOR is not mandatory. The second character of the auditing body in Iranian law is that, auditing is made possible only from inside the company (internal auditing, and not inspection), and EXTERNAL INSPECTION has not been recognized. In contrast, in English law both auditing from inside and inspection from outside have been recognized. Nonetheless, in practice, with regard to the exemption of SMALL COMPANIES from the duty of presenting their financial bills in the general assembly, a large portion of companies have been excluded from the duty of having an AUDITOR. DTI (Department of Trade and Industries) is the responsible body for inspections; its duty is to protect the rights and benefits of the society, third parties and minority share holders in a company. This paper is intended to look at the developments and changes of the concept of auditing and inspection in these two legal systems; i.e. Iranian law and English law.

Cites

THE COMPANY'S CAPACITY AND CORPORATE DIRECTORS' POWERS

References

THE CONCEPT AND SCOPE OF ARTICLE 220 OF THE COMMERCIAL CODE OF IRAN, 1311 (1932)

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APA: Copy

PASEBAN, M.R.. (2006). A COMPARATIVE STUDY ON THE ISSUE OF AUDITING IN COMPANIES UNDER IRANIAN LAW AND ENGLISH LAW. LAW & POLITICS RESEARCH JOURNAL, 7(15-16 (SPECIAL OF LAW)), 83-114. SID. https://sid.ir/paper/98047/en

Vancouver: Copy

PASEBAN M.R.. A COMPARATIVE STUDY ON THE ISSUE OF AUDITING IN COMPANIES UNDER IRANIAN LAW AND ENGLISH LAW. LAW & POLITICS RESEARCH JOURNAL[Internet]. 2006;7(15-16 (SPECIAL OF LAW)):83-114. Available from: https://sid.ir/paper/98047/en

IEEE: Copy

M.R. PASEBAN, “A COMPARATIVE STUDY ON THE ISSUE OF AUDITING IN COMPANIES UNDER IRANIAN LAW AND ENGLISH LAW,” LAW & POLITICS RESEARCH JOURNAL, vol. 7, no. 15-16 (SPECIAL OF LAW), pp. 83–114, 2006, [Online]. Available: https://sid.ir/paper/98047/en

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