Auditor Appointment in vadapalani - Filingpoint

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Filingpoint  Auditors are required to assess a company's financial records and ensure that the firm follows Indian laws. They also check for compliance with tax regulations. However, navigating the complicated process of appointing an auditor could be overwhelming for any business. In such a scenario, availing the services of a professional like Vakilsearch can help businesses achieve their goals smoothly.

For a private limited or a public limited company, the first auditor is required to be appointed within 30 days of incorporation. The appointment of the auditor is authorised by the Board of Directors of the company or at an Extra-Ordinary General Meeting (EGM) called within three months of the recommendation by the Board. Once the auditor is approved by the members of the company, the company should file Form ADT-1 with the Registrar of Companies.

The form needs to be filed within fifteen days of the appointment of an auditor, otherwise, the company may face penalties and non-compliance issues. To avoid this, it is advisable to seek the guidance of a professional to ensure that the entire process is completed within stipulated time.

An individual or a firm that is trained to review and verify accounting data and recognised as a Chartered Accountant (CA) under the Chartered Accountants Act 1949 is eligible for being appointed as an Auditor. The audit report must be signed in the name of the auditor by a partner or partners of the firm. Besides, it should state the auditor's membership number and registration number. The report must also include a statement that the audit is in accordance with the applicable auditing standards and gives an opinion on the true and fair view of the company's financial position.

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