As per section 139(1) of the companies act, 2013, auditor is required to be appointed at the first AGM after the commencement of this act for a tenuure of 5/10 years. In case a company in its AGM fails to appoint its auditor for the said term and has appointed its auditors for a tennure of 1 year only, Now what procedure is required on the part of the company to rectify the same and appoint its auditors for 5/10 year term?? Please suggest
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Companies act 2013
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Company can appoint the auditor for 1 year is correct. There is no fault in this. New act says, same auditor/firm shall not continue as auditor in the same company more than 5/10 years..i.s Same auditor term is maximum 5 years in case of individual and 10 years in case of firm. But, in every AGM that appoint process should go on.
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