Appointment of auditor

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Mayank mehta (Querist)
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26 September 2014 Can a Director of Subsidiary company be appointed as an auditor of Holding company as per the provisions of Companies Act, 2013

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 September 2014 should not be allowed under 141(3)(d)(i)

further ICAI ethics also wont allow such engagement

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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26 September 2014 No.

Section 141 (3) of the Act read with Rule 10 prescribed that certain persons shall not be eligible for appointment as an auditor
of a company, which includes A person who himself or his relative/partner is holding any security or interest in the company, or any company which is its holding, subsidiary, associate

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