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An auditor is an individual who is trained to review or verify the books of accounts. They are recognized as Chartered Accountants (CA) under the Chartered Accountants, 1949. Every company, private limited company, or public limited company needs to appoint an auditor as per the Companies Act, 2013. Before the appointment, the company is required to obtain consent and a certificate from the auditor.
Purpose Behind the Appointment of Auditor
The reason to appoint an auditor is to protect the interests of shareholders. Also, they examine the company accounts and tell the true financial situation of the company. They share an independent opinion with the owner and the shareholder of the company to ensure that the financial conditions are protected and safe.
Procedure for Appointing a First Auditor
The first auditor must be appointed by the Auditor General of India and the Comptroller within 60 days of the company’s incorporation. If in any situation, the Auditor General of India does not appoint the auditor within the specified time, the company of board directors can appoint an auditor within 30 days. After the appointment of an auditor, it will hold the position until the First Annual General Meeting.
