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III. Auditor - Coggle Diagram
III. Auditor
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Appointment
First auditor appointed by Board within 30 days or by members within 90 days at an EGM, to hold office until first AGM. Auditor appointed at first AGM to hold office until the conclusion of 6th AGM.
Auditor appointed at every 6th AGM, subject to ratification by shareholders at every AGM by passing Ordinary Resolution.
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Qualification
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- Firm with a majority of CAs as partners can be appointed as auditor, but only CAs partners authorized to act and sign on behalf of firm.
Removal of Auditor
First Auditor: if appointed by the board before the first AGM, members may remove and appoint another person nominated by a member at least 14 days before the meeting.
Other Auditor: only by the company in a general meeting with prior approval of the Central Government.
Meaning: Must be a chartered accountant.
Must hold a valid certificate of practice under Sec 6(1) of the Chartered Accountants Act, 1949.