Auditor Appointment in vadapalani - Filingpoint


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Any firm in the business of financial activities needs to keep a track of its financial statements. In order to make sure that all transactions are accurate, these statements need to be thoroughly assessed and examined by a professional, who can give an objective opinion regarding the same. This assessment is done by an auditor, who is a certified accountant. The process of hiring an auditor is quite important for any company, as it makes sure that there are no errors or frauds in the records and that all the transactions are recorded properly.

The auditing profession is a highly demanding and sensitive one, which requires special expertise in the field of accountancy. In India, any individual who is qualified as a chartered accountant under the Chartered Accountants Act 1949 is deemed to be an auditor. Hence, it is essential for every organization to choose the right auditor for the company.

Every non-government company must appoint an auditor within 90 days of the date of its incorporation. The first auditor is appointed by the Comptroller and Auditor General of India (CAG) in case of a government company, but in the case of a non-government company, it is up to the Board of Directors to propose the name of the first auditor to the members of the company in the first AGM, who will then appoint him/her.

The auditors can be either individuals or firms, but if a firm is appointed as an auditor, then the majority of its partners should be chartered accountants. The tenure of the first auditor is till the conclusion of the first AGM, and after that, a new appointment can be made in the next AGM by passing an Ordinary Resolution.

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