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When you start or run a company, one important thing you must do is appoint an auditor. An auditor checks your company’s financial records to ensure everything is in order and legal. In India, the Companies Act, 2013 explains clearly how companies should appoint an auditor.
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Appointment of Auditor under Companies Act, 2013 Share When you start or run a company, one important thing you must do is …
An auditor is a qualified professional who checks the financial statements of a company. Their job is to ensure that the company’s accounts are accurate, legal, and fair. Auditors give an independent opinion, which helps build trust among shareholders, investors, and the government.
In a private limited company or anywhere in India, appointing an auditor is not optional — it is mandatory under the Companies Act, 2013.
When a company is newly incorporated, it must appoint its first auditor within 30 days from the date of registration. This appointment must be made by the Board of Directors. If they fail to do so, the shareholders must appoint the auditor within the next 90 days.
The first auditor will hold office until the first Annual General Meeting (AGM). After that, an auditor is usually appointed for five years at a time, but their appointment needs to be approved by the members at every AGM.
Who Can Only a Chartered Accountant (CA) who holds a valid Certificate of Practice can be appointed as an auditor.
In the case of a firm where most partners are CAs, the firm can be appointed as an auditor too.
Companies cannot appoint:
Here is the process:
Appointing an auditor helps your company:
If a company fails to appoint an auditor or file the necessary forms, heavy penalties can be imposed:
The appointment of an auditor under the Companies Act, 2013, is a very crucial task for all types of companies. Whether you are running a large business or a small startup, you must appoint a qualified auditor on time and follow the complete procedure. This ensures your company’s financial health, builds trust, and avoids unnecessary penalties. Always take expert help if you are unsure, especially after your business registration.
At E Accountax Manager, we make your compliance journey simple and smooth. From helping you appoint the right auditor to filing mandatory forms on time, our experts handle everything with care. We also offer Virtual CFO services for MSMEs to support growing businesses at every step. Trust us for timely services, genuine advice, and affordable solutions.
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CA Jitendra Agarwal, a Chartered Accountant, is an experienced Income Tax Advisor with a proven track record in tax planning and compliance.
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