Auditor Appointment in vadapalani - Filingpoint


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The Filingpoint appointment of auditor is a crucial procedure that ensures the accuracy and transparency of a company's financial statements. It helps to check whether the firm is abiding by all the rules and regulations laid down in Indian law. However, this process could be daunting, especially for new startups. This is because the law entails a lot of procedures and compliances that need to be followed.

It is important for every company to appoint its first auditor within 30 days of its incorporation. The Board of Directors should be responsible for this task and they should appoint an individual or firm who meets the criteria of being a statutory auditor. However, if they fail to do so, the shareholders will be required to call an extraordinary general meeting within 90 days of the company's incorporation and select their first auditor.

In case of a government company, the Comptroller and Auditor General of India appoints the first auditor. But, if the firm is not a government company, the members of the board must appoint an individual or a firm as its first auditor. The person or the firm must be a qualified chartered accountant in practice and must have a valid practicing license.

The resigning auditor should submit Form ADT-3 to the ROC and inform about the resignation to the registrar in writing. The resigning auditor should also ensure that they do not acquire any security or interest in the company above the specified limit.

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