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Ensure Audit Excellence, Appoint Your Auditor with Confidence
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The appointment of an auditor is a crucial process for businesses in India to ensure accurate financial reporting and compliance with statutory requirements.
The Companies Act, 2013, contains the legal provisions related to the appointment of auditors, their qualifications, rotation, removal, and other aspects.
The Institute of Chartered Accountants of India (ICAI) sets the professional standards and guidelines for auditors in India, including the auditing and reporting standards to be followed.
The appointment of auditors is regulated by the Ministry of Corporate Affairs (MCA), which is responsible for administering the Companies Act and ensuring compliance with its provisions.
Appointment of an auditor ensures compliance with the Companies Act and other applicable laws and regulations.
An independent auditor's assessment helps maintain the accuracy, completeness, and reliability of financial statements.
The appointment of an auditor promotes transparency and accountability in financial reporting and business operations.
The presence of an independent auditor enhances investor confidence in the company's financial health and governance.
Yes, subject to compliance with the Companies Act, an auditor can be reappointed for consecutive years through a resolution passed by the shareholders.
Yes, the auditor can be removed before the completion of their term through a special resolution passed by the shareholders. Certain legal requirements and procedures must be followed for such removal.
An auditor should be a qualified Chartered Accountant (CA) or a firm of Chartered Accountants as per the guidelines and qualifications prescribed by the Institute of Chartered Accountants of India (ICAI).
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