Month: December 2021

The Companies Act, 1956 stipulates the office of auditor in a company as a continuing one; therefore, it has laid down that an auditor shall hold office from the conclusion of the annual general meeting in which he is appointed Read More …

The first auditor of a company can be appointed by the Board of Directors within one month of the date of registration of the company to hold office till the conclusion of the first annual general meeting. If the Board Read More …

Appointment by shareholders Sub-section (1) of section 224 of the Act empowers the shareholders to appoint auditor at each annual general meeting. In fact, this sub-section makes it obligatory that every company irrespective of its nature, i.e., whether a public Read More …

They are governed by section 226 of the Act. The main provisions are stated below : (1) A person shall not be qualified for appointment as an auditor of a company (public or private) unless he is a Chartered Accountant Read More …

Sections 224 to 233 of the Companies Act, 1956 (hereinafter referred to as the Act unless otherwise mentioned) deal with provisions relating to audit of companies. Therefore, it is quite important to understand these provisions very carefully. You may also Read More …

The objective of AS-5 on the above subject is to prescribe the classification and disclosure of certain items in the statement of profit and loss so that all enterprises prepare and present such a statement on a uniform basis. This Read More …