Dear Professionals, A private limited company had appointed CA firm as Statutory Auditors on 2014. Till now the firm is doing audit for the company. The borrowings of the company exceeds Rs 52 crores on October 2024. The term of Auditors firm is upto Sep 2025. The borrowings trigger on October, the rotation of auditors is applicable. Kindly clarify if the firm can continue upto 2025 and can be reappointed for other term of five years or they have to quit from 2025? Kindly assist in this regard.
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What are the requirements for maintaining statutory books and records of a company?
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What are the statutory compliances that need to be fulfilled by a company incorporated under the Companies Act 2013
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Hello Professionals!
How does the Reserve Bank of India discharge its statutory obligation of being a 'Banker to Government'?
Forwarded Query Related to Surrender of COP of an Auditor:
One of the Statutory auditor has surrendered his COP during the year. Now i have following queries:
1. Whether Form ADT-3 will be required to file?
2. Whether this will be treated as a casual vacancy in the office of statutory auditor?
3. Whether New auditor will be appointed in the EGM or simply by passing BR?
Person holding COP and appointed as auditor in a company.
Now he surrendered the COP, then What are the compliances need to be done under companies act, 2013 ?
The government is set to tighten norms for auditors and independent directors. The move is part of a fresh overhaul of the Companies Act, which is in the works. Auditors may not be able to get away by simply resigning from assignments when the going gets tough. The government is looking to mandate a report by the auditors to the shareholders, which will list the reasons for their resignation. Besides, rules are proposed to be tightened for independent directors, who will have to step down from board on completion of a specified number of years. It will come with the stipulation that an individual’s term as an additional director will be added to the tenure as an independent director so that board members do not get entrenched in the company.
Can any one share the reason for the Resignation of an Auditor ?
Dear Members,
There is a casual vacancy for a Statutory Auditor in a Private Company. The Board of Directors wants to pass a resolution through Circular Resolution.
As per Section 179(3) read with rule 8 of Companies (Meeting of Board and its Powers) Rules, 2014; which provides matters to be discussed only through Board Meeting, nothing relating to the resignation of Statutory Auditor is mentioned.
Also, there are some matters restricted as per section 175 of the Companies Act, 2013 as mentioned in some sites but we are unable to find reference to same under the law.
Please let us know whether the casual vacancy of the Statutory Auditor can be noted by the Board of Directors through circular resolution?
Hi Everyone,
Kindly apprise about the fact whether ADT-1 w.r.t. appointment of first statutory auditors by Board of Directors is required to be filed or not ?
The relevant provisions of section 139 states the filing required only after AGM, though the form gives you the option of filing for appointment of first auditors .
Please provide inputs on the same.
With reference to Section 146 of the Companies Act, 2013 an Auditor is required to Attend General meetings of the company unless otherwise "exempted by the company," therefore:
What is the process and can be reasons for the Auditor who can ask for an exemption in attending the General meeting of the company?
More, Whether the company is required to pass a resolution,.Ordinary/Special for granting this exemption or the board is authorized to provide this exemption.
Because here the word used "exempted by the company," so what we can consider? If anyone has an explanation on this please assist in better understanding.
Dear Members,
Can any company maintain it’s statutory records in e-mode?
Dear All,
Could you please help in following, Received queries from RBI
"Statutory Auditor’s Certificate to the effect that for the FY 2018-19 the company has complied with the provisions of RBI Act, 1934 and prudential norms relating to income recognition, asset classification and provisioning for standard, bad and doubtful assets as applicable to it. "
Please share the format for the same if available. It would be very greatful.
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