Further, an audit firm having a common partner or partners to the other audit firm,

Appointment By Directors. A person in full-time employment elsewhere or a person or a partner of a firm holding an appointment as an auditor, when such person or partner is holding an appointment as an auditor for more than 20 companies at the date of appointment or re-appointment. 740. However, following additional things needs to be kept in mind: i.

Appointment of Auditor against Casual Vacancy 1. Any Individual or Audit Firm shall not be eligible for re-appointment as Auditor in the same company, for 5 Years from the completion of their audit term Common Partners Any Audit firm having common partners on the date of appointment, the retiring Audit Firm whose tenure has expired immediately preceding F.Y., shall not be appointed as Auditor for a period of 5 Years The auditor holds office until one of the following occurs: The auditor obtains ASIC consent to resign - Form 342 Application for consent from ASIC to resign as an auditor of a public company. The appointment of first auditor is governed through section 139 (6) which starts with a non-obstante clause [notwithstanding anything contained in sub-section (1)] and it is sub-section (1) which requires obtaining consent & certificate from auditor and filing of form ADT-1 with ROC. However, in the following cases, a retiring auditor shall not be reappointed:— (i) he is not qualified for re-appointment; The second change is that an auditor is now deemed to be re-appointed unless the company decides otherwise. The Companies Amendment Act, 2017 read with Notification… (1) An individual auditor who has completed his term (i.e. The procedure for re-appointment of Auditor is similar to appointment of the Auditor at the first instance, as both, appointment & re-appointment are governed through provisions of Section 139(1). Alternatively, re-appointment can be prevented by members representing at least 5% of the company's voting rights giving notice to the company. 6 Preventing re-appointment An ordinary resolution of the members can prevent automatic re-appointment of an auditor. 3. one term of five consecutive years) shall not be eligible for re-appointment as auditor in the same company for … Auditor Appointment Letter Guidelines. There were so many queries regarding effects of non – ratification of auditor and removal of an auditor. At that meeting the members can re-appoint the auditor, or appoint a different one, to hold office from that date until the end of the next shareholders' meeting at which accounts are laid. The Board of Directors are empowered to appoint the first auditors of a company who shall hold office until the conclusion of the first annual general meeting. Appointment of Company Auditor. At the ensuing AGM the auditor retired and was available for reappointment.