Appointment of Auditor in India: Process, Eligibility, and Compliance under Companies Act, 2013
In order to guarantee the correctness and legitimacy of a company's financial accounts, auditors are essential. The appointment, tenure, rotation, and dismissal of auditors are governed by the Companies Act of 2013 and the Companies (Audit and Auditors) Rules of 2014. These clauses seek to advance corporate governance, accountability, and transparency.
Along with pertinent sections and regulations, this page describes the steps and legal requirements for the appointment of auditors under the Companies Act, 2013. Required for:
Companies that are listed
Public corporations that are not listed but have paid-up share capital of at least ?10 crores.
Private businesses with loans of at least ?50 crore or paid-up share capital of at least ?50 crores.
Rotation standards:
An auditor may be appointed for a single, five-year term.
An audit firm may operate for two five-year terms.
Five years before reappearance is the cooling-off phase.
Additionally, following rotation, the same network of audit firms cannot be appointed.
5. Section 141: Eligibility and Disqualifications
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