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Removal, Resignation, Power & Duties, Obligation and Privilege of…
Removal, Resignation, Power & Duties, Obligation and Privilege of Auditors
Removal
Section 276(1)
of Companies Act
May remove an auditor
By ordinary solution
By special notice
Section 278(2)
of Companies Act
Notice to Registrar to remove auditor must be given within 14 days
Resignation
Section 281
Section 281(1)
of Companies Act
an auditor may resign by giving a notice
Section 281(2)
of Companies Act
Notice of resignation shall bring the auditor's term of office to an end after 21 days
Or date specified in the notice
Section 282(1)
of Companies Act
Company shall send a copy of notice to Registrar within 7 days
Section 283
of Companies Act
Laid down rights of resigning auditor for public company
Power and Duties
Section 266
Section 266(1)
of Companies Act
report to the members on the financial statements
Section 266(2)
of Companies Act
To state on any defect in the financial statements
Section 266(3)
of Companies Act
To form an opinion on :
Obtaining all information and explanations required
Proper accounting and other records
Returns received
Appropriate procedures and methods used
Section 266(4)
of Companies Act
Right to access accounting and other records from any officer for the purposes of audit
Section 266(7)
of Companies Act
Rights to attend any general meeting and received all notices
Section 266(8)
of Companies Act
RIght to report by writing to the Registrar :
any breach
in his opinion not be adequately
serious offence involving fraud and dishonesty
Obligations
Section 275
of Companies Act
to furnish particulars of payment
Section 285
of Companies Act
For public company, shall attend annual general meeting
For private company, required to attend if a notice is given
Privilege
Section 286
Section 286(1)
of Companies Act
shall not be liable for defamation of any statement in the course of his duties
Section 286(2)
of Companies Act
shall not be liable for any criminal or disciplinary proceedings in good faith