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Sections

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Submitted By sryaslng
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Sections
224 Appointment and remuneration of auditors
224A Auditor not to be appointed except with the approval of the company by special resolution in certain cases
225 Provisions as to resolutions for appointing or removing auditors
226 Qualifications and Disqualifications
227 Powers and duties of auditors
228 Audit of accounts of branch office of the co.
229 Signature of audit report
230 Reading and inspection of auditor’s report
231 Right of auditor to attend general meeting
232 Penalty for non compliance with s.225 to 231
233 Penalty for non compliance by auditor with s.227 to 229
233A Power of Central govt. to direct special audit in certain cases 233B Audit of Cost accounts in certain cases
Who is eligible to act as auditor of a Company ?? Chartered Accountant Sec 226(1) of Companies Act.
Holder of Certificate under part ‘B’ States Act, 1956 Sec 226(2) of Companies Act.
Sole Proprietorship Concern a) Member of ICAI b) Holding Certificate of Practice c) Should practice in India
Partnership Firm a) All Partners are members of ICAI b) Holding Certificate of practice c) practising in India
Disqualification - sec 226(3) * Body Corporate * Employee / officer of the company * Partner/employee of such employee/officer of the company * Any debt due more than Rs. 1000 or security given in favour of a Chartered Accountant for more than Rs. 1000 * Holding shares having voting power. * Disqualified by subsidiary company, then disqualified by holding company also and vice versa
Appointing Authority BOD Central Govt. Comptroller & Auditor General Share holders First Auditor Casual vacancy Other than resignation Casual vacancy Due to Resignation In case both Shareholders and BOD fail to Appoint the auditor Appointment at Annual General Meeting In case Of special audits Appointment

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