What are the Provision relating to Audits in Companies Act 2013?
What are the latest provision in Companies Act, 2013 regarding appointment of Auditors?
Is their any change in Duties and rights of Auditors?
HI Rahul ,
Auditors rights and duties remain more the same as per the new comnpanies act, however few more disqualifications have been incorporated
With regard to Duration and term of auditor holding office, there has been paradigm shift in the provisions.
For unlisted companies, maximum term is prescribed as below -
Auditor appopinted at first AGM shall hold office till the conclusion of 6th AGM (subject to ratification by members at every AGM)
Auditor appointed at subsequent AGM shall hold office till conclusion of 6th AGM
In case of listed companies, maximum term is -
Individual - 1 term of 5 consecutive years
Partnership firm -2 terms of consecutive years
Coolinf off period before next appointment is 5 years