Appointment of statutory auditors

Pvt ltd 278 views 5 replies

karthickraj

Student CS

127 Points Joined February 2014

I have a doubt on auditor appointment for small companies and other company,

in 2014 we have appointed auditors for the term of 5 years to all companies except listed and limited companies.

In 2018 there was an amendment on ratification of auditors, without the ratification at the AGM the auditors continuous as stat auditors.

Now the term of 5 year gone lapsed, what will be the status of appointment of auditors from 2019, whether 5 years of appointment is must at 2019 AGM or appointment will be done at every AGM.(small Companies and other pvt Companies).

Thanks,

Replies (5)

Vibha Trivedi

437 Points Joined October 2018

Appointment for 5 years is must

ronak

40 Points Joined October 2012

Earlier there was provision that auditor does appointed for 5 years and have to get yearly ratification. After amendment, yearly ratification was dispensed away with. So now an auditor will be appointed for a term of 5 consicutive years and no need of yearly ratification.

shakeel ahmed

member

47 Points Joined March 2011

at the AGM u need to reappoint ur auditor for the further period of five year. as such there is no any requirement to appoint an auditor at every agm

karthickraj

Student CS

127 Points Joined February 2014

Thanks for your Valuable replies, and what will be the status of after 5 years term of appointment, whether the small companies need to appoint new auditors other than present auditors who are completed the term of 5 years.