1. The document outlines the provisions related to appointment, eligibility, qualifications, duties and liabilities of auditors under the Companies Act 2013. It discusses the process for appointment and removal of auditors for both government and non-government companies.
2. The duties and powers of auditors are specified which include examining books of account, requiring information from company officers, and reporting on financial statements. Services which auditors cannot provide to their client companies are also listed.
3. The eligibility criteria and disqualifications for auditors are defined. Penalties for companies, officers and auditors for non-compliance with auditor-related provisions are also mentioned.
Discussion on Chapter X - Audit and Auditors under the Companies Act, 2013Manoj Singh Bisht
In this presentation, i have tried my best to discuss various facets of provisions contained in Chapter X of the Companies Act, 2013. In few places, only relevant part of a particular section is quoted.
These are my personal views.
For feedback - you can reach out to me at csmanojsbisht@gmail.com
Companies Act, 2013 - Chapter X - Audit and AuditorsSASPARTNERS
A detailed presentation prepared by SAS Partners Team which gives an insight into the provisions of Chapter X relating to Audit & Auditors. This Chapter has undergone a sea of changes with new concepts introduced. This presentation will prove to be beneficial for the Corporate, Professionals & Students and will give a birds eye view of the provisions and concepts.
Discussion on Chapter X - Audit and Auditors under the Companies Act, 2013Manoj Singh Bisht
In this presentation, i have tried my best to discuss various facets of provisions contained in Chapter X of the Companies Act, 2013. In few places, only relevant part of a particular section is quoted.
These are my personal views.
For feedback - you can reach out to me at csmanojsbisht@gmail.com
Companies Act, 2013 - Chapter X - Audit and AuditorsSASPARTNERS
A detailed presentation prepared by SAS Partners Team which gives an insight into the provisions of Chapter X relating to Audit & Auditors. This Chapter has undergone a sea of changes with new concepts introduced. This presentation will prove to be beneficial for the Corporate, Professionals & Students and will give a birds eye view of the provisions and concepts.
An easy way to find the new Companies Act, 2013 with its new and important changes..
Tried to made it maximum simple to understand..
The new legislation will create new avenues for Business and Professionals relating to this field..especially corporate law experts..
Here, LegalDelight present its new PPT on the topic of Appointment of Statutory Auditor. Under this PPT, a reader would get to know about the What is Appointment of Auditor, Appointment of First Auditor, Appointment of Subsequent Auditor, Term of Auditor, Pre Conditions for Appointment of Auditor, Qualification of Auditor, Disqualification of Auditor, Role of Audit Committee, and Forms to be filed for Appointment of Auditor.
An easy way to find the new Companies Act, 2013 with its new and important changes..
Tried to made it maximum simple to understand..
The new legislation will create new avenues for Business and Professionals relating to this field..especially corporate law experts..
Here, LegalDelight present its new PPT on the topic of Appointment of Statutory Auditor. Under this PPT, a reader would get to know about the What is Appointment of Auditor, Appointment of First Auditor, Appointment of Subsequent Auditor, Term of Auditor, Pre Conditions for Appointment of Auditor, Qualification of Auditor, Disqualification of Auditor, Role of Audit Committee, and Forms to be filed for Appointment of Auditor.
Presentation and visual annual report for The Friends of Kinneil, given at the charity's AGM held at St. Mary's Church, Bo'ness, on Thursday, June 4, 2015. Find out more at www.kinneil.org.uk/friends #VolunteersWeek
Europeana Network Association AGM 2016 - 8 November - Ignite talks round 1 - ...Europeana
Ignite Talks round 1
1. Karolina Tabak, National Museum in Warsaw, “Let’s be open”
2. Maria Drabczyk, National Audiovisual Institute, “Tu Europeana”
3. Antonella Fresa, Promoter srl, “Europeana Space”
4. Ad Pollé, Europeana Foundation, “The Europeana transcription tool”
5. Peter Hofmann, Hochschule Mainz, "Europanorama – A Big Data book about European culture"
Café AGM "La Reforma Fiscal 2015 y el Impuesto sobre Sociedades"AGM Abogados
Es intención del Gobierno abordar una profunda reforma del sistema fiscal español para el año 2015. Entre las principales figuras impositivas que sufrirán importantes modificaciones, están el IRPF y el Impuesto sobre Sociedades, así como el IVA y otros impuestos.
Desde AGM Abogados hemos entendido que es conveniente conocer las principales novedades que se producirán en el IRPF y en el IS para el año siguiente, sin perjuicio de las modificaciones que se producirán en el trámite parlamentario. Estos cambios incidirán en los impuestos que deberán soportar los contribuyentes, por lo que es necesario analizarlos, desde una visón práctica, a fin de saber en qué nos afectarán y qué se debe hacer o no hacer antes del 31 de diciembre.
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
Auditors' role Companies Act, 2013- Aadhit B BalajiAadhit B
At outset of Companies act, 2013, provisions related to Auditor‟s appointment, role and responsibility has given a significant shape comparatively to the previous act (Companies act, 1956). This presentation has focused on the provisions related to Auditors and the impact of the same in present scenario, which is applicable from 1st April, 2014.
Key Takeaways:
Appointment of auditors under Singapore Companies Act
Exemption from auditors' appointment
Powers and duties of auditors
Remuneration of auditors
Resignation and removal of auditors
‘Secretarial Audit’ is introduced by recently enacted Companies Act, 2013. It is a process to check compliances made by the Company under Corporate Law & other laws, rules, regulations, procedures etc.
Companies Act 2013 AOC 4 - Presented to Institute of Company Secretaries Of ...SAS Partners
Definition of Financial Statement
Definition of financial year.
Books of Accounts etc., to be kept by the company.
Financial Statement
Central Government to prescribe Accounting Standards
Financial Statement, Board’s report, etc.,
Corporate Social Responsibility
Right of members to copies of financial statements.
Copy of financial statement to filed with the Registrar
Powers of the Board.
Compounding of offence – u/s 92 (5), Not yet enforced
Section 621A of the Companies Act, 1956.
Punishment for fraud
Punishment for false statement.
Inactive and Dormant Company
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a Company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). Provisions under Companies Act, 2013 with respect to voluntary winding up are omitted and shifted to Insolvency and Bankruptcy Code, 2016 (“the Code”). The webinar covers the aspects of provisions involved in voluntary winding up as enshrined under the Code read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
Auditors are appointed by the members at the general meeting of the Company, similarly power to remove auditor before his/her/its term is also entrusted with the members. Further in case of resignation of auditor the casual vacancy arise will be also be filled ultimately through members of the Company at the members meeting.
Section 139 of Companies Act, 2013 (“Act”) explains the situation of casual vacancy whereas Section 140 of the Act deals with removal, resignation of auditor and giving of special notice.
Similar to Guidance notes on audit and auditor under companies act, 2013 (20)
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Guidance notes on audit and auditor under companies act, 2013
1. [AUDIT AND AUDITORS ] (Section 139 to 148)
Companies Act, 2013 1
APPOINTMENT OF AUDITOR (Section -139)
Particulars Non Government Company Government Company
Unlisted Company Listed/Specified Company
Appointment of 1st
Auditor
After Incorporation
(Till the conclusion of first
AGM)
{139 (6 & 7)}
By BOD
(W- 30 days from the date of Regn.)
or
By Members at EGM
(W-90 days of Information)
By BOD
(W- 30days from the date of Regn.)
or
By Members at EGM
(W-90 days of Information)
By CAG
(W-60 days from the date of Regn.)
or
By BOD
(W- next 30 days)
or
By Member at EGM
(W- 60 days of Information)
Auditor at First AGM*
The written consent and a
certificate (appointment,
shall be in accordance with
the conditions ) from the
auditor:
By Members
To hold office till conclusion of 6th
AGM subject to ratification by members
at every AGM
By Members
(for Maximum one term of 5/10
consecutive years)
Cooling off period of 5 years
before next appointment
By CAG
(W-180 days from 1st
April)
Subsequent Auditors By Members
To hold office till conclusion of 6th
meeting, subject to ratification by
members at every AGM
By Members
(for Maximum one term of 5/10
consecutive years)
By CAG
(W-180 days from 1st
April)
Casual Vacancy due to
Resignation: By Members within 3 months of recommendation of Board and till next AGM By CAG within 30 Days
or
By BOD within next 30 Days
Other Reasons:
By BOD within 30 days
2. [AUDIT AND AUDITORS ] (Section 139 to 148)
Companies Act, 2013 2
REMOVAL OF AUDITOR (Section-140)
Particulars Non Government Company Government Company
REMOVAL BY MEMBERS
On Expiry of term By Members at AGM By CAG
Before expiry of term (1) Previous CG approval and SR at GM
ROOBH to Auditor
Special Notice to members
Forward the notice to auditor
Previous CG approval and SR at GM
ROOBH to Auditor
Special Notice to members
Forward the notice to auditor
SELF RESIGNATION(2) File a statement of reasons and facts within 30 days to
Company and ROC
File a statement of reasons and facts within 30 days to
Company and ROC and CAG
REMUNERATION OF AUDITOR (sec-142)
Auditor Meeting By
First Auditor Board Meeting/ General Meeting BOD/Members
Subsequent Auditor General Meeting Members
Remuneration fixed above shall be in addition to following:
Fee payable to an auditor; include the expenses, if any, incurred by the auditor in connection with the audit of the company and any facility extended to
him BUT DOES NOT INCLUDE any remuneration paid to him for any other service rendered by him at the request of the company.
AUDITORS TO SIGN REPORTS AND ATTEND AGM
Section Heading Particulars
145 Sign Audit
Reports
auditor of the company shall sign the auditor’s report or sign or certify any other document of the company and
the qualifications, observations or comments on financial transactions or matters, which have any adverse effect on the
functioning of the company mentioned in the auditor’s report shall be read before the company in general meeting and
shall be open to inspection by any member of the company
146 Attend GM All notices of, and other communications relating to, any general meeting shall be forwarded to the auditor of the
company,
The auditor shall, unless otherwise exempted by the company, attend either by himself or through his authorised
representative, who shall also be qualified to be an auditor, any general meeting
The auditor shall have right to be heard at such meeting on any part of the business which concerns him as the auditor.
3. [AUDIT AND AUDITORS ] (Section 139 to 148)
Companies Act, 2013 3
AUDITOR NOT TO RENDER SPECIFIED SERVICES (144)
Heading Particulars
Who An auditor shall provide to the company only such other services as are approved by the Board of Directors or the audit
committee, but which shall not include any of the specified services (whether such services are rendered directly or indirectly)
TO THE COMPANY or ITS HOLDING COMPANY or SUBSIDIARY COMPANY,
Specified Services accounting and book keeping services;
internal audit;
design and implementation of any financial information system;
actuarial services;
investment advisory services;
investment banking services;
rendering of outsourced financial services;
management services; and
any other kind of services as may be prescribed:
Transition period An auditor or audit firm who or which has been performing any non-audit services on or before the commencement of this Act
shall comply with the provisions of this section before the closure of the first financial year after the date of such
commencement.
ELIGIBILITY, QUALIFICATIONS AND DISQUALIFICATIONS OF AUDITORS. (Sec-141)
Eligibility In case Individual: Chartered Accountant
In case of Firm/LLP: Partners who are chartered accountants shall be authorized to act and sign on behalf of the firm.
Disqualifications
THE FOLLOWING PERSONS SHALL NOT BE ELIGIBLE FOR APPOINTMENT AS AN AUDITOR OF A COMPANY:
Body corporate other than LLP
Officer or employee of the Company
Person who is a partner, or who is in the employment, of an officer or employee of the company;
PERSON WHO, OR HIS RELATIVE OR PARTNER—
1. Holding ANY SECURITY of or INTEREST in the company or its subsidiary, or of its holding or associate company or a subsidiary of
such holding company (sister company):
RELATIVE MAY HOLD SECURITY OR INTEREST IN THE COMPANY OF FACE VALUE OF MAXIMUM RS. 1000 OR SUCH
SUM AS MAY BE PRESCRIBED.
4. [AUDIT AND AUDITORS ] (Section 139 to 148)
Companies Act, 2013 4
2. Indebted to the company, or its subsidiary, or its holding or associate or a subsidiary of such holding company, in excess of such
amount as may be prescribed.
3. Guarantee or provided any security in connection with the indebtedness of any third person to the company, or its subsidiary, or its
holding or associate company or a subsidiary of such holding company, for such amount as may be prescribed.
Person or a firm, who, whether directly or indirectly, has business relationship with the company, or its subsidiary, or its
holding or associate company or subsidiary of such holding company or associate company of such nature as may be
prescribed.
Person whose relative is a director or is in the employment of the company as a director or KMP.
Person who is in full time employment elsewhere.
Person or a partner of a firm holding appointment as auditor of more than twenty companies.
Person who has been convicted by a court of an offence involving fraud and 10 years has not elapsed from the date of such
conviction.
Person whose subsidiary or associate company or any other form of entity, is engaged as on the date of appointment in
consulting and specialised services as provided in section 144.
POWER AND DUTIES OF AUDITOR (Sec-143)
Power Right of access at all times to the books of account and vouchers of the company.
To require from the officers of the company relevant information and explanations.
Enquire into the specified matters [Sec-143(1)(a-e)]
Duties Make a report to the members on the accounts examined by him and on every financial statement which are required by or
under this Act to be laid in GM.
Balance Sheet
Profit &Loss Account
Cash flow Statement
Other Statements as may be prescribed.
The auditor’s report shall also state—
Whether he has sought and obtained all the information and explanations ,necessary for the purpose of his audit and if not, the
details thereof and the effect of such information on the financial statements;
Whether, in his opinion, proper books of account as required by law have been kept by the company so far as appears from his
examination of those books and proper returns adequate for the purposes of his audit have been received from branches not
5. [AUDIT AND AUDITORS ] (Section 139 to 148)
Companies Act, 2013 5
visited by him;
Whether the report on the accounts of any branch office of the company audited by a person other than the company’s auditor
has been sent to him.
Whether the company’s balance sheet and profit and loss account dealt with in the report are in agreement with the books of
account and returns;
Whether, the financial statements comply with the accounting standards.
Observations or comments of the auditors on financial transactions or matters which have any adverse effect.
Whether any director is disqualified from being appointed as a director.
Any qualification, reservation or adverse remark relating to the maintenance of accounts.
Whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls;
Other matters as may be prescribed.
Shall comply with the auditing standards.
CA/CWA /PCS has reason to believe that an offence involving fraud is being or has been committed against the company by
officers or employees of the company, he shall immediately report the matter to the Central Government within specified
time.[sec-143(12)]
* Company shall inform the auditor of its appointment, and also file a notice of such appointment with the Registrar within fifteen
days of the AGM.
GOLDEN POINTS
Automatic reappointment of existing auditor (without passing any resolution) at AGM where no auditor is appointed/ reappointed at
AGM.
Limited Liability Partnerships may be appointed as Auditors (Clause 141)
Auditing Standards to be made mandatory (Clause 143)
The limit in respect of maximum number of companies in which a person may be appointed as auditor has been proposed as 20
companies. In case of Firm, limit is made applicable to each partner.
comply with the provisions of rotation of auditors within a period of 3 years from the commencement of this Act
Appointment of auditor for a period of 5 years subject to ratification at every AGM
6. [AUDIT AND AUDITORS ] (Section 139 to 148)
Companies Act, 2013 6
PENALTY FOR CONTRAVENTIONS
Violation Penalty
Section Descriptions Section Contravention By
140(2) On resignation by auditor, he needs to intimate Company
and ROC and may be CAG.
140(3) Individual Auditor
Min: 50000
Max: 500000
Firm
Min: 50000
Max: 500000
141(3) Disqualification of auditors 141(4) Vacation of office Vacation of office
143(12) CA/CWA /PCS required to intimate to CG about an offence
involving fraud is being or has been committed against the
company by officers or employees of the company.
141(15) Individual Auditor
Min: 1,00,000
Max: 25,00,000
Firm
Min: 1,00,000
Max: 25,00,000
139 to 146
Both
Inclusive
Contraventions of Sec. 139 to 146 (both inclusive)
by Company and its officer
147(1) Company
Min: 25000
Max: 5,00,000
Every officer in default
IMPRISONMENT
Min: 1 Day
Max : 1 Year
FINE
Min: 10,000
Max: 1,00,000
either of above or both
139, 143,
144, 145
Contraventions by Auditor
139: Appointment of auditor
143: Power &duties of Auditor
144 Auditor not to render certain services
145: Auditor to sign audit report
147(2)
&(3)
WILFULLY / KNOWNIGLY to deceive
Imprisonment
Min: 1day
Max: 1 Year
AND
fine
Min: 100,000
Max: 25,00,000
AND
Refund the remuneration
Pay for damages arising out of
incorrect or misleading statements.
WITHOUT KNOWINGLY
Min: 25,000
Max: 5,00,000
AND
Refund the remuneration
Pay for damages arising out
of incorrect or misleading
statements.
Special
147(5)
In case of audit of a company being conducted by an audit
firm, it is proved that the partner or partners of the audit firm
acted in a fraudulent manner or
liability, whether civil or criminal as provided in this Act or in any
other law for the time being in force, for such act shall be of the
partner or partners concerned of the audit firm and of the firm
7. [AUDIT AND AUDITORS ] (Section 139 to 148)
Companies Act, 2013 7
abetted or
colluded in any fraud by, or
in relation to or by, the company or its directors or
officers,
jointly and severally.
Dedicated
to
ICSI
By
AMIT KUMAR
(Amicus Curiae)
csamitkr@gmail.com
# 9717841557