ELIGIBILITY OF STATUTORY INDIVIDUAL AUDITOR
This query is : Resolved
Quick Summary
24 October 2024
AN INDIVIDUAL AUDITOR IS ELIGIBLE FOR ONLY 5 CONSECUTIVE YEARS FOR BEING STATUTORY AUDITOR IN A PRIVATE LIMITED COMPANY.
SO, IF AN INDIVIDUAL AUDITOR IS BEING APPOINTED AS FIRST AUDITOR IN A PRIVATE LIMITED, THEN CAN THE SAME INDIVIDUAL AUDITOR BE APPOINTED AS SUBSEQUENT AUDITOR FOR NEXT 5 CONSECUTIVE YEARS IN THE SAME PRIVATE LIMITED.
WILL THE PERIOD OF FIRST AUDITORSHIP WILL BE CONSIDERED FOR CEILING LIMIT OF 5 CONSECUTIVE YEARS ?
SO, IF AN INDIVIDUAL AUDITOR IS BEING APPOINTED AS FIRST AUDITOR IN A PRIVATE LIMITED, THEN CAN THE SAME INDIVIDUAL AUDITOR BE APPOINTED AS SUBSEQUENT AUDITOR FOR NEXT 5 CONSECUTIVE YEARS IN THE SAME PRIVATE LIMITED.
WILL THE PERIOD OF FIRST AUDITORSHIP WILL BE CONSIDERED FOR CEILING LIMIT OF 5 CONSECUTIVE YEARS ?
24 October 2024
He can be reappointed if private company is having paid up share capital of less than rupees 50 crore.
24 October 2024
DHIRAJLAL RAMBHIA SIR WHY THIS 50 CR SHARE CAPITAL LIMIT?
24 October 2024
For listed companies and specified class of companies cooling period of 5 years is mandatory.
Specified class or classes of the Companies are as follows:
All unlisted public companies having paid up share capital of rupees 10 crore or more;
Every private company having paid up share capital of rupees 50 crore of more;
All companies having public borrowings from bank, financial institutions or public deposit of rupees 50 crore or more.
Specified class or classes of the Companies are as follows:
All unlisted public companies having paid up share capital of rupees 10 crore or more;
Every private company having paid up share capital of rupees 50 crore of more;
All companies having public borrowings from bank, financial institutions or public deposit of rupees 50 crore or more.
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24 October 2024
What is the term of appointment of Auditor for specified class companies under the Companies Act, 2013?
The subsequent Auditor i.e. appointed after the first Auditor for specified class of companies shall hold the office:
Individual: For one term of 5 years and then a cooling period of 5 years is to be provided i.e. can be re-appointed after a break of 5 years.
Firm: For two terms of 5 years i.e. 10 years and then a cooling period of 5 years is to be provided i.e. can be re-appointed after a break of 5 years.
The subsequent Auditor i.e. appointed after the first Auditor for specified class of companies shall hold the office:
Individual: For one term of 5 years and then a cooling period of 5 years is to be provided i.e. can be re-appointed after a break of 5 years.
Firm: For two terms of 5 years i.e. 10 years and then a cooling period of 5 years is to be provided i.e. can be re-appointed after a break of 5 years.
24 October 2024
DHIRAJLAL RAMBHIA SIR THANK YOU
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24 October 2024
You are welcome.
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