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First auditor appointment

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(Querist)
27 July 2017 Whether first auditor appointment is necessary for newly incorporated companies..? If applicable ADT-1 form needs to submit with MCA?
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
28 July 2017 yes.
Section 139(6): Appointment of First Auditor shall be by the Board within thirty days (30) days from the date of incorporation.The appointment of auditors shall be made for a 5-year term subject to ratification at every AGM.

The company is then required to intimate the auditor of his / its appointment within 15 days of such meeting wherein his appointment has been made, and thereafter file a notice of appointment of such auditor in Form ADT-1 with the Registrar as per 3rd Proviso to Section 139(1).
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