Rotation of auditors
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2017
Can a relative of a statutory auditor be appointed as the next statutory auditor in the case of rotation??
Please also quote the sections.
Please also quote the sections.
01 June 2017
Yes. Subject to the fulfillment of following conditions
1. Relative is not holding any security of or interest in company; or its subsidiary; or its holding company; or associate company; or subs. of such holding co. Relative of an auditor may hold securities in the Co. of face value < Rs. 1 Lakh.
2. Relative has not indebted to company; or its subsidiary; or its holding company; or associate company; or subs. of such holding co.. for more than Rs. 5 Lakhs
3. Relative has not given a guarantee or security for indebtedness of any third person to company; or its subsidiary; or . its holding company; or associate company; or subs. of such holding co in excess of Rs. 1 Lakh
(Section 141 (3) of the Act read with Rule 10)
1. Relative is not holding any security of or interest in company; or its subsidiary; or its holding company; or associate company; or subs. of such holding co. Relative of an auditor may hold securities in the Co. of face value < Rs. 1 Lakh.
2. Relative has not indebted to company; or its subsidiary; or its holding company; or associate company; or subs. of such holding co.. for more than Rs. 5 Lakhs
3. Relative has not given a guarantee or security for indebtedness of any third person to company; or its subsidiary; or . its holding company; or associate company; or subs. of such holding co in excess of Rs. 1 Lakh
(Section 141 (3) of the Act read with Rule 10)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- Regarding Applicability of Tax Audit u/s 44AB
- Consolidated financials
- Putting a heading on received mail
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Tds on commission charges
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
