Every Company shall appoint an individual or a firm as an auditor in first Board Meeting held within 30 days from the date of Incorporation to hold office till the conclusion of first AGM of the Company.
Further when the first AGM of the Company is held then the auditor can be appointed for a period of 5 years till th conclusin of sixth AGM. Before such appointment a written consent of the auditor to such appointment and a certificate from him or it that the appointment is as per the terms of the Companies Act and satisfies the criteria provided in section 141. The Form ADT 1 is required to be filed with MCA within 15 days from the dateof appointment of auditor.
The Firm or the Individual which is required to be appointed as the Auditor is required to be identified.
The Company circulates the letter to the Auditor for receiving the letter of consent to be appointed as Auditor.
Preparation of documents for appointment of Auditor as required to filing.
Form ADT 1 for appointment of Auditor is required to be filed within 15 days of passing resolution.
A person whi is a chartered accountant or a firm whereof majority of partners practising in India are qualified for appointment in its firm name are eligible to be appointed as the auditor of a company. Where a firm including a limited liability partnership is appointed as an auditor of a company, only the partners who are chartered accountants shall be authorised to act and sign on behalf of the firm.
First Auditor of the Company is appointed either in the first BM which is required to be held within 30 days of incorporation or if appointment in BM could not be possible then in GM within 90 days of incorporation to hold office till the conclusion of the first AGM.
Further at the first annual general meeting an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting is appointed.
Yes, In case of casual vacancy the Auditor can be appointed by the Board of Directors within thirty days only if casual vacancy is not a result of the resignation of an auditor or else such appointment shall also be approved by the company at a general meeting convened within three months of the recommendation of the Board and he shall hold the office till the conclusion of the next annual general meeting;
Yes, Auditor may be removed from his office before the expiry of his term only by a special resolution of the company, after obtaining the previous approval of the Central Government.
Bhanu is a person to count upon, with his expertise in his domain and knowledge he brings on you can reach him with a problem any time. His appetite to listen and understand the issue makes him the man for the job. He is proactive, energetic and a resourceful guy. My best wishes to Bhanu and Startup seven for future endeavour.
Founder at Addensure Media LLP
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Founder Onmytap - NETWORK FOR PROFESSIONAL GROWTH
Bhanu is one of the most sincere and trustworthy person I have come across. He is extremely ethical and is completely customer focused. His hard work and dedication is commendable and with him handling the legal as well as taxation things are always in order and compliant. Keep up the good work Bhanu. Wishing you more and more success as you grow.
Co-founder, Executive - Brightsandz Clean Tech Pvt Ltd