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AUDITOR APPOINTMENT

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

A COMPANY ABC(P) LTD HAS GOT ITS FINANCIAL STATEMENT APPROVED AND SIGNED IN BOARD MEETING HELD ON 15.07.2015 AND CALLED FOR AGM ON 20.9.15.NOW THE EXISTING AUDITOR HAS GIVEN ITS RESIGNATION ON 26.8.15 EXPRESSING HIS UNWILLINGNESS TO CONTINUE AS AN AUDITOR IN FY 15-16. WHAT PROCEDURE IS TO BE FOLLOWED BY THE COMPANY FOR APPOINTMENT OF NEW AUDITOR.KINDLY GIVE YOUR VIEWS ON THE SAME. CAN THE COMPANY APPOINT A NEW AUDITOR IN THE AGM ONLY OR IT WILL HAVE TO TAKE ANY OTHER STEPS FOR THE SAME.

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7 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

(i) in the case of a company other than a company whose accounts are subject to audit by an auditor appointed by the Comptroller and Auditor-General of India, be filled by the Board of Directors within thirty days, but if such casual vacancy is as a result of the resignation of an auditor, such appointment shall also be approved by the company at a general meeting convened within three months of the recommendation of the Board and he shall hold the office till the conclusion of the next annual general meeting

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

As per Section 139 (8) companies act, 2013, Any casual vacancy in the office of an auditor shall— (i) in the case of a company other than a company whose accounts are subject to audit by an auditor appointed by the Comptroller and Auditor-General of India, be filled by the Board of Directors within thirty days, but if such casual vacancy is as a result of the resignation of an auditor, such appointment shall also be approved by the company at a general meeting convened within three months of the recommendation of the Board and he shall hold the office till the conclusion of the next annual general meeting.

    0       2 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Samkit, Section 139 speaks about the appointment of Auditor, as per the above case, Financial statements are finalized, audit report is approved in BOD on 15.07.2015, as per the act until the AGM no Auditor is appointed or re-appointed then the existing auditor should continue to be the auditor of the company As per the case, he is responsible for previous financial year and current financial year only he is not willing to audit of the company, So there is no hurry in appointment of Auditor before AGM. After AGM, BOD can decide and appoint the new auditor under the guidance of audit committee within 30 days from the resignation of auditor, Casual Vacancy should be filled with in 30 days from the date of resignation.

    1       1 Comment Report
Data?1494421636 answered

If Yes then pass the requisite Board Resolution and call and EoGM and appoint the Auditor.

    0       3 Comment Report
Data?1494421636 answered

Have you sent out the AGM Notice to the Members? If no, then you have adequate time to include this matter via Board Resolution in the AGM Notice and pass the requisite resolution in AGM itself.

    0       2 Comment Report
Open uri20170510 32134 1c996lj?1494421732 answered

As per Section 139 (8) companies act, 2013, Any casual vacancy in the office of an auditor shall— (i) in the case of a company other than a company whose accounts are subject to audit by an auditor appointed by the Comptroller and Auditor-General of India, be filled by the Board of Directors within thirty days, but if such casual vacancy is as a result of the resignation of an auditor, such appointment shall also be approved by the company at a general meeting convened within three months of the recommendation of the Board and he shall hold the office till the conclusion of the next annual general meeting; (ii) in the case of a company whose accounts are subject to audit by an auditor appointed by the Comptroller and Auditor-General of India, be filled by the Comptroller and Auditor-General of India within thirty days: Provided that in case the Comptroller and Auditor-General of India does not fill the vacancy within the said period, the Board of Directors shall fill the vacancy within next thirty days.

    2       1 Comment Report
Data?1494421730 answered

Dear Samkit > Auditor Appointment As per Section 139(8) of Company Act 2013, the BOD can fill any casual vacancy in the office of an auditor within 30 Days, but where such vacancy is caused by the **resignation** of an auditor, such appointment shall also be approved by the company at a general meeting convened 3 months of the recommendation of the BOD. So in this case, resignation date is 26.08.2015. BOD can appoint new auditor on or before 19.09.2015 on 20.09.2015 AGM can approved the appointment. Otherwise there are auditor can be appoint in AGM because the difference between resignation date and AGM date is less than 30 days so BOD no needs to appoint auditor. The time limit for filling casual vacancy is 30 days. Thanks

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