Appointment of Auditor

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An auditor is a person who reviews, check and verifies the accuracy of financial records and ensures that companies comply with tax laws and ensure that organizations are run efficiently. The main duty of an auditor is to ensure that financial statements of the company gives true and fair view.
As per Section 139 of the Companies Act, 2013 every company has to appoint an auditor to get their accounts audited. An individual or a firm could be the auditor of the company. Before appointment of auditor it is necessary to obtain a written consent from the auditor.
The appointment of the first auditor is done by the Board of Directors of the Company and appointment of subsequent auditor is done by the members of the Company for a maximum term of 5/10 consecutive years.

Power and Duties of an Auditor

Appointment of First Auditor and Subsequent Auditor:

Appointment of First Auditor:

In case of companies other than Govt. Companies

Appointment shall be done by Board of Directors of the Company within 30 Days from the date of registration of Company.
In case Board fails to appoint auditor within 30 Days, members of the company shall at an extraordinary general meeting appoint auditor within 90 days from the date of registration of Company.

In case of Govt. Companies

Appointment shall be done by the Comptroller and Auditor-General of India (CAG) within sixty days from the date of registration of the company.
In case CAG fails to appoint an auditor within 180 Days, the Board has power to appoint an auditor in next 30 days.
If the Board fails to appoint an auditor in the next 30 Days, the members shall appoint an auditor within 60 Days at an extraordinary general meeting.

Appointment of Subsequent Auditor:

In case of companies other than Govt. Companies

The appointment shall be done by the members of the Company and he shall hold office till the conclusion of the 06th meeting.
In case of specified Companies, the appointment is done by the members for a maximum term of 5/10 consecutive years.
Cooling off period of 5 years before the next appointment will be there.

In case of Govt. Companies

The appointment is done by the Comptroller and Auditor General of India within 180 days from the 1st of April.

Appointment of Auditor in case of casual vacancy:

In case of companies other than Govt. Companies

The Board of Directors of the Company are empowered to fill the vacancy within a period of 30 Days who shall hold office upto the conclusion of next Annual General Meeting of the Company.
If a casual vacancy arises due to resignation of the Auditor, approval from members is also required within a period of 3 Months of the recommendation of the Board.

In case of Govt. Companies

The casual vacancy shall be filled by the Comptroller and Auditor General of India within 30 days of such vacancy arises..

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