STATUTORY AUDIT
As per Companies Act, 2013, every company, irrespective of its sales turnover or nature of business or capital must have its book of accounts audited each financial year. Statutory Audit is a type of audit which is mandated by a Statute or Law to ensure true and fair view of the book of accounts of a Business is presented to the Regulators and the Public. Statutory audits must be conducted by qualified Chartered Accountants who are independent of the Business. Further, the report prepared by the Auditor on his/her findings must be presented in the format prescribed by the Regulator.
APPOINTMENT OF STATUTORY AUDITOR:
In case of newly incorporated companies, the Board of Directors of the Company are required to appoint the First Statutory Auditor within 30 days of incorporation. The First Statutory Auditor will hold office from the conclusion of the First Board Meeting till the conclusion of the First Annual General Meeting and thereafter the Auditors shall be appointed by the members in the First Annual General meeting so as to hold office from the conclusion of the First Annual General Meeting till the Conclusion of the Sixth Annual General Meeting. In case of Board’s failure, an Extra Ordinary General Meeting (EGM) shall be called within 90 days to appoint the first auditor.
In case of all existing Companies, the Company needs to appoint Auditors in the Annual General meeting so as to hold office from the conclusion of that meeting till the conclusion of the sixth Annual General Meeting.
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