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Appointment of Auditor - Online Process

An auditor is person who review and verify all the financial documents of a company. The main duty of an auditor is that whether the financial statements of a company follow Generally Accepted Accounting Principles (GAAP). Every company shall requires to appoint an individual auditor or audit firm as first auditor and subsequent auditor. The auditor of a company protects the interest of shareholders. Every company needs to appoint an auditor as per the provisions of Companies Act, 2013.

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Appointment of Auditor

All companies registered in India are required to appoint an auditor who audited all the books of accounts of a company each year. Form ADT-1 is required to be filed at the time of appointment of auditor as per Companies Act, 2013. This form is uploaded on Ministry of Corporate Affairs (MCA) portal. The auditor is compel by law to examine the books of accounts maintained by the director and inform them about the true financial position of a company.

appointment of auditor
Appointment of first auditor

Every company shall appoint first auditor who hold the office till the conclusion of first annual general meeting. This appointment is classified below for Government or Non-Government Company:

  • In Government company:

The first auditor is appointed by Comptroller and Auditor General of India (C&AG) in case of Government Company. The time-period for the appointment of first auditor is 180 days from the commencement of every financial year.

  • In Non-Government Company:

The first auditor is appointed by Board of Directors (BOD) within 30 days of incorporation of a company. If Board of Directors is not liable in appointment then they informs the members about their failure and after that members shall appoint first director within 90 days from the date when BOD informs the members about their failure.

Appointment of Subsequent Auditor

Every company shall appoint subsequent auditor who hold the office from the date of first annual general meeting till the conclusion of sixth annual general meeting. This appointment is classified below for Government or Non- Government Company:

  1. In Government Company:
    The subsequent auditor is appointed by C&AG within 180 days from the commencement of every financial year who shall hold the office till the conclusion of sixth annual general meeting.
  1. In Non- Government Company:
    The appointment of subsequent auditor is done by the members of a company who shall hold office till the conclusion of sixth annual general meeting. He shall be appointed in first annual general meeting.

Before the appointment of subsequent auditor, company shall take written consent from the auditor and containing a certificate.

Casual Vacancy

01.

In Government Company:

All casual vacancies shall be filled by the Comptroller and Auditor General of India (C&AG) within 30 days of such casual vacancy. However, in case C&AG not fill the vacancy within such time period, then BOD shall fill the vacancy within next 30 days.

02.

In Non- Government Company:

All casual vacancy shall be filled by the Board of Directors within 30 days of such casual vacancy. If such casual vacancy is due to resignation, then BOD will recommend and final appointment will be made by the members within 3 months of such recommendation.

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