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audit of listed comapny

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(Querist)
21 April 2010 a listed company has apointed xyz & co CA for FY 2009-10. The auditor does not have a peer review certificate so the directors claimed that as per the notification by ICAI the auditor is not qualified for the audit and appointed ABC & Co. as their new Statutory auditor by filling casual vacany. Is the contention of BOD correct?
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
21 April 2010 yes, the restrictions put by ICAI is binding on its member. In the above case, member cannot accept assignment and BOD is right in appointing new auditor.
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