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Auditor

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(Querist)
05 April 2018 Can an auditor be appointed directly for 5 years in starting? what is procedure for appointment of first auditor?
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
05 April 2018 Section 139(6): Appointment of First Auditor shall be by the Board within thirty days (30) days from the date of incorporation who shall hold office till the conclusion of 1st Annual General Meeting.
As per section 139(1) every company shall appoint at its 1st annual general meeting an individual or a firm as an auditor of the company who shall hold office who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting.
The tenure of 5 consecutive years is subject to ratification by shareholders at every AGM.
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