What do you mean by stewardship? (CMA-June-2021)

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ANS:-

Stewardship is related to accountability of the directors to manage the resources entrusted to them by shareholders. It can be defined as the fiduciary relationship that exists between the shareholders and the directors. This relationship requires the board to manage the resources entrusted to them with care and to report the usage of the resources.

 

How Stewardship affects Audit?

Now a day’s its very important for auditors to understand the stewardship role. It is the responsibility of the auditor to ensure that the directors report correctly and clearly how it managed the resources of shareholders. To this end, it is possible for the board to pressure the auditor to state an unqualified report. Though, they are failing on their stewardship duties. In such a case, the external auditor will have to choose between keeping his job or reporting the true and fair state of the entity to the shareholders.

 

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