Please confirm the effective date to identify the small company as CARO 2020 applicability totally depend upon the Definition of Small Company. CARO 2016 & 2020
under 141 (1)(g) a person who is in full time employment elsewhere or a person or a partner of a firm holding appointment as its auditor, if such persons or partner is at the date of such appointment or reappointment holding appointment as auditor of more than twenty companies;
Note: In case of private company - in clause (g) of sub-section 3 after the words twenty companies”, the following words shall be inserted;
“other than one person companies, dormant companies, small companies and private companies having paid-up share capital less than one hundred crore rupee”- Notification dated 5th june, 2015
But 5th June Notification is only applicable if Company is in compliant of Section 134 & 92 related to ROC Filing Annually , therefore whats the consequences if Auditor appointed for 5 years and given Consent under section 141 but not able to find the applicability of Exemption on that specific Private co. ? Please someone who can understand my issue related to the Auditor appointment subject to Exemption on Private Company from the ambit of 20 co limit then please clear ...
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