Period of accounts for which appointed

The First Statutory Auditor should be appointed to audit the account for the First Financial year of the Company.

Originally posted by : udit sharma
	The First Statutory Auditor should be appointed to audit the account for the First Financial year of the Company.

 i.e. 14.03.2011 to 31.03.2011 or 01.04.2011-31.03.2012?

Since your company is incorporated only on 14.03.2011, you have the option of closing your accounts on 31.03.2011 or 31.03.2012.  Please refer to Section 210 of the Companies Act, 1956. Depending on the accounts closing date as chosen by you, Statutory auditors may be appointed.

As per Section 224 of the Companies Act, 1956, the Auditor holds Office until the conclusion of the next AGM and not till the accounts closing date. Hence you may appoint him till the conclusion of the next AGM.

I has been decided by board in their first board meeting that

"the first “Financial Year” of the Company be the period starting from the date of incorporation of the Company viz 14^th March, 2011 to 31^st March, 2011 both days inclusive, and the first statement of accounts of the company shall relate to the same period."

i.e. we have to take 14.03.2011-31.03.2011. If so then how to appointment him for the F.Y. 2011-12

If your FY is going to be 14.03.2011 to 31.03.2011 then you have to conduct first AGM on or before 31.12.2011, as per Section 210(3)(a) of the Companies Act, 1956. So the Statutory Auditor will be appointed till the conclusion of the first AGM.

At the first AGM, you will take up reappointment of auditor as agenda item and pass a resolution reappointing him for the FY 2011-12.

Hope it's clear.

You cannot appoint him right now for the FY 2011-12.

Every auditor is appointed /re-appointed in AGM for the next financial year.

You have to do this even if the auditors are same all the years. Its mandatory.