tenure years than less auditor appointment
Hello Everyone!
Whether the concept of Alternate Director also applicable in case of Foreign Director as he is already residing outside India ?
director alternate concept applicability
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In case of appointment of Alternate Director, whether the Master Data of the Company reflects the Original Director too ?
director alternate appointment
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In what circumstances, special notice is required for the appointment of person other than the retiring auditor ?
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What is the offer period of private placement offer cum application letter in case shares are issued on private placement basis ?
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Is it possible to file the Unaudited Financial Statements of a Company, if yes, whether there is any option to file the Audited Financial Statements after filing of Unaudited Financials ?
company statements financials unaudited filing
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If an individual does not hold majority stake in the member company of the reporting company, whether filing of BEN-2 is applicable or not?
company reporting respect applicability
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Are there any restrictions or limitations on the number of foreign directors in an Indian Company ?
directors foreign number limitations
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Whether, any assets or liabilities for Indian party (i.e. domestic assets and liabilities) are to be included in the FLA return?
return included liabilities assets 
As per the Companies Act, 2013, the first auditor of a company is appointed by the Board of Directors within 30 days of incorporation and holds office until the conclusion of the first Annual General Meeting (AGM).
After the first AGM, the auditor is appointed by the members of the company in the AGM for a period of five consecutive years. However, the auditor may be reappointed for another five-year term only after a cooling-off period of five years has elapsed since the completion of the previous term.
Provision-
139(1) Subject to the provisions of this Chapter, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting and the manner and procedure of selection of auditors by the member of the company at such meeting shall be such as may be prescribed.
Therefore, the auditor of a private company cannot be appointed for a term of less than five years in the AGM. However, if the auditor appointed in the AGM resigns or vacates the office before the completion of the term, the Board may appoint another auditor to fill the vacancy, subject to ratification by the members at the next AGM. In such cases, the term of the auditor so appointed by the Board will be for the remaining period of the original term.
There is no exemption notification by the Ministry of Corporate Affairs (MCA) for private companies to appoint an auditor for a term of less than five years in the AGM.Therefore, the general rule of appointing an auditor for a term of 5 years applies to Private Companies as well.