List of Content

 Introduction
 Auditor as per Companies Act, 2013
 Manner of Auditor’s appointment
 Rotation of an Auditor
 Role of an Auditor
 Internal auditor
 Appointment of Auditors as under Section 139 of Companies
 Organization & services
 Difference from internal auditor
 External Auditors' Liability to Third Parties
 Comptroller and Auditor General of India
 Scope of audits
 Appointment of Auditor - Online Process
 Remuneration of Auditors
 Audit Report
 Conclusion

1
Introduction

The appointment of an auditor can be made by the company's Board of

Directors or by the company's shareholders at the Annual General
Meeting (AGM). The Appointment Of Auditor Companies Act 2013 is
mandatory for all companies, whether they are private, public, or
government companies.

The process of appointing auditors in accordance with the Companies

Act, 2013 involves a structured set of rules and regulations.
Understanding the provisions outlined in Section 139, as well as the
associated rules and guidelines, is crucial for companies to ensure a
smooth and compliant auditor appointment process. This article delves
into the nuances of auditor appointment, covering aspects such as the
term of appointment, eligibility, procedures, and more.

The Auditor’s appointment is a vital procedure for a company as it

makes sure about the transparency and accuracy of the company’s
financial statements. An auditor is an independent professional who is
appointed to measure the company’s financial statements. An auditor is
a one who express an opinion on whether they give a fair and correct
view in relation to company’s financial position and functionality.

As per Companies Act, 2013 (hereinafter referred as “said act”), the

appointment of an auditor is governed by Section 139. It says that
2
various provisions for the appointment, reappointment, and removal of
an auditor. The appointment of an auditor can be made by the
company’s Board of Directors or by the company’s shareholders at the
Annual General Meeting (AGM). The Appointment Of Auditor
Companies Act 2013 is mandatory for all companies, whether they are
private, public, or government companies. All the government and non-
government organizations have to keep track of their accounts and audit
reports as the financial year approaches. The financial statements of
these firms need to be thoroughly analyzed and assessed before
submitting them to the authorized departments. This assessment of
financial documents is done by an Auditor. The Companies Act, 2013
section 139(1) read with rule 3 of Companies (Audit and Auditors)
Rules, 2014 every company shall at the first annual general meeting,
appoint an individual or a firm as an auditor who shall hold office from
the conclusion of that meeting till the conclusion of its sixth annual
general meeting (AGM) and thereafter till the conclusion of every sixth
meeting and the manner and procedure of selection of auditors by the
members of the company Audit Committee under section 177, and, in
cases where such a committee is not required to be constituted, the
Board shall take into consideration the qualifications and experience of
the individual or the firm proposed to be considered for appointment as
auditor and whether such qualifications and experience are
commensurate with the size and requirements of the company.

3
Qualifications of an Auditor:

 A person is eligible for the appointment as an auditor only if he is a

Chartered Accountant.
 A firm is eligible for the appointment as an auditor only when the
majority of its partners are Chartered Accountants practicing in
India.
 In the case where a limited liability partnership firm is appointed
as auditor, only the partners who are Chartered Accountants will
be authorized to act and sign on behalf of the firm.
Appointment of an Auditor is significant in a company that analyses and
understands a company’s financial records to deliver effective analyses
and relevant information. Management can use this information to
evaluate the company and implement measures necessary to meet their
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4
Types of auditors

External auditor/ Statutory auditor is an independent firm engaged by

the client subject to the audit, to express an opinion on whether the
company's financial statements are free of material misstatements,
whether due to fraud or error. For publicly traded companies, external
auditors may also be required to express an opinion over the
effectiveness of internal controls over financial reporting. External
auditors may also be engaged to perform other agreed-upon procedures,
related or unrelated to financial statements. Most importantly, external
auditors, though engaged and paid by the company being audited, should
be regarded as independent.

Internal Auditors are employed by the organizations they audit. They

work for government agencies (federal, state and local); for publicly
traded companies; and for non-profit companies across all industries.
The internationally recognised standard setting body for the profession is
the Institute of Internal Auditors - IIA (www.theiia.org). The IIA has
defined internal auditing as follows: "Internal auditing is an independent,
objective assurance and consulting activity designed to add value and
improve an organization's operations. It helps an organization
accomplish its objectives by bringing a systematic, disciplined approach
to evaluate and improve the effectiveness of risk management, control,
and governance processes".

5
Auditor as per Companies Act, 2013?

Auditor is a person or can be a firm of C.A. who is appointed by a

company to having an independent and objective to examine the
financial statements of the Company. According to Companies Act,
2013, defines as an auditor “an individual or a firm, including a limited
liability partnership (LLP), who is appointed by the company to conduct
an audit of its financial statements, as required under the Companies
Act.”

The auditor’s duties under the said act include verifying and auditing the
financial statements of the company to determine whether they provide a
true and fair view of the financial position, performance, and cash flows
of the company. The auditor is also responsible for ensuring that the
company has maintained proper books of account and internal financial
controls.

Furthermore, the auditor is required to report any instances of fraud,

non-compliance with laws and regulations, or other material weaknesses
observed during the course of the audit to the company’s management
and the Board of Directors. The auditor is also required to provide a
report on the financial statements audited by them to the shareholders of
the company at the Annual General Meeting.

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Manner of Auditor’s appointment

The manner of appointment of an auditor is as follows:

 Appointment by Board of Directors: The Board of Directors

shall appoint the first auditor within 30 days of the registration of
the company.
 Appointment by Members: The members of the company shall
appoint the subsequent auditors at every AGM.
 Eligibility Criteria: The auditor appointed by the company must
be a Chartered Accountant in practice.
 Intimation to Registrar of Companies (ROC): The company shall
intimate the ROC about the appointment of the auditor within 15
days of the AGM.
 Removal of Auditor: The auditor can be removed from the office
before the expiry of his term only by a special resolution of the
company after obtaining the prior approval of the Central
Government.
 Rotation of Auditors: The said act has also introduced the
concept of rotation of auditors. As per this, an auditor can hold
office for a maximum of 5 consecutive years in a company. After
that, he has to be rotated with another auditor who is not
associated with the same firm.

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Section 139(1) mandates the appointment of an auditor in the first AGM
of the company and subsequent auditors for a term of five consecutive
years at a time. The appointment of the auditor can be made by
the Board of Directors or the members of the company, and certain
eligibility criteria and procedures need to be followed.

Appointment of First Auditor in case of a Company other than a

Government Company

In accordance with section 139(6) of the said act, if a company other

than a government company, if the Board of Directors fails to appoint
the first auditor, then the members of the company shall appoint the first
auditor within 90 days at an Extraordinary General Meeting (EGM).

The following steps must be followed for the appointment of the first
auditor in case of a company other than a government company:

 The Board of Directors shall propose the name of an auditor to

be appointed as the first auditor of the company.
 The proposed auditor shall provide his consent and eligibility
certificate as per the provisions of the Act.
 If the Board of Directors fails to appoint the first auditor, the
company shall hold an EGM within 90 days of the incorporation
of the company to appoint the first auditor.

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  The members of the company shall pass an ordinary resolution to
appoint the first auditor, and the appointed auditor shall hold
office until the conclusion of the first AGM.
 The appointed auditor shall also provide his consent and
eligibility certificate to the company.
It is essential to appoint the first auditor of the company within the
stipulated time to ensure the proper functioning and compliance of the
company with the provisions of the Companies Act, 2013. The
appointment of an auditor in the first AGM of the company is mandatory
under the Act, and any delay in the appointment of the auditor may
result in the company facing penalties and non-compliance issues.

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Rotation of an Auditor
Sections 139(2), 139(3), and 139(4) of the said act are known as
Rotation of an Auditor and these are as:
 Section 139(2) – Appointment of a Subsequent Auditor: This
section mandates every company to appoint an auditor in each
AGM after the first AGM until the conclusion of the sixth AGM.
The appointment shall be made by the shareholders of the
company.
 Section 139(3) – Remuneration of Auditor: This section states
that the remuneration of the auditor shall be fixed by the Board
of Directors or the Audit Committee. The remuneration should
be in accordance with the prescribed guidelines and should be
approved by the shareholders.
 Section 139(4) – Eligibility of an Auditor: This section lays
down the eligibility criteria for an auditor. The auditor must be a
Chartered Accountant in practice and should not be disqualified
under Section 141.

10
Role of an Auditor

The role of an auditor under the said act is outlined in various sections of
the act. The key sections that define the role of an auditor are:

 Section 143: Powers and Duties of Auditors and Auditing

Standards- This section outlines the powers and duties of
auditors, which include accessing all the relevant books,
records, and documents of the company, making enquiries and
seeking explanations from the company’s officers, and reporting
on any material fraud or non-compliance with laws and
regulations. It also mandates the use of auditing standards by
auditors.
 Section 144: Auditor’s Report- This section mandates the
preparation of an auditor’s report by the auditor. The auditor’s
report must include a statement on the company’s financial
statements, an opinion on the true and fair view of the
company’s financial position, and a statement on any material
misstatements or omissions in the financial statements.
 Section 145: Auditor to Sign Audit Report- It deals with the
signing of audit reports by the auditor. The auditor must sign the
audit report in the following manner:
 Where the auditor is a firm, the report must be signed in the
name of the firm by a partner or partners of the firm.
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  Where the auditor is an individual, the report must be signed by
that individual
 In addition to signing the audit report, the auditor must also
provide the following details:
 The auditor’s name.
 The auditor’s membership number, if applicable.
 The auditor’s registration number, if applicable.
 The date of the audit report.
By signing the audit report and providing the required details, the
auditor is certifying that they have conducted the audit in accordance
with the auditing standards and have expressed an opinion on the true
and fair view of the company’s financial position.

Internal auditor

An internal auditor is an auditor who is appointed by the Board of

directors of the company in order to carry out the internal audit function.
Generally, an employee of the company acts as an internal auditor,
whereas some companies appoint an external expert as an internal
auditor.

Though an internal auditor is appointed by the management or an

employee of the company, independence is the prime requisite for the
execution of an internal audit. Compromise in independence may distort

12
the objectivity of an internal audit. An internal auditor is responsible to
the Board functionally and administratively to the management of the
company, and the auditor submits the report to the Board. Their job
description is said to include financial record examination, compliance
analysis, risk management, and theft and fraud detection skills, along
with good communication.

External auditor

An external auditor performs an audit, in accordance with specific laws

or rules, of the financial statements of a company, government entity,
other legal entity, or organization, and is independent of the entity being
audited. Users of these entities' financial information, such as investors,
government agencies, and the general public, rely on the external auditor
to present an unbiased and independent audit report.

The manner of appointment, the qualifications, and the format of

reporting by an external auditor are defined by statute, which varies
according to jurisdiction. External auditors must be members of one of
the recognised professional accountancy bodies.[2] External auditors
normally address their reports to the shareholders of a corporation. In the
United States, certified public accountants are the only authorized non-
governmental external auditors who may perform audits and attestations
on an entity's financial statements and provide reports on such audits for
public review. In the UK,[3] Canada and other Commonwealth nations

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Chartered Accountants and Certified General Accountants have served
in that role.

For public companies listed on stock exchanges in the United States, the
Sarbanes-Oxley Act (SOX) has imposed stringent requirements on
external auditors in their evaluation of internal controls and financial
reporting. In many countries external auditors of nationalized
commercial entities are appointed by an independent government body
such as the Comptroller and Auditor General. Securities and Exchange
Commissions may also impose specific requirements and roles on
external auditors, including strict rules to establish independence.

Appointment and Removal of Auditors

The main aspects to be considered during Appointment and Removal of
Auditors are as follows:

Appointment of Auditors as under Section 139 of Companies Act,

2013:
o The first Auditor of a company shall be appointed by Board within
30 days from registration of the company or otherwise by members
within 90 days at an EGM, who shall hold office till the conclusion
of first AGM. At first Annual General Meeting, an auditor shall be
appointed to hold office till the conclusion of 6th AGM.

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o Thereafter auditor shall be appointed at every 6th AGM. This is
subject to ratification by shareholders at every AGM by passing
Ordinary Resolution. A retiring auditor may be re-appointed if he
is not disqualified and no other auditor is appointed. However, if
ratification is not given then Board shall appoint another auditor
following procedure for appointment.
o Practical steps:
o Audit Committee / Board shall consider the qualification and
experience of proposed auditor and may call for such info. as
it may deem fit.
o Where Audit Committee exists, it shall recommend to the
Board the name of proposed auditor. If Board agrees it shall
further recommend the proposed auditor to the members in
AGM. In case of disagreement, Board shall cite the reason
for disagreement.
Where Audit Committee does not exist the Board shall
recommend to the members at AGM
o The auditor appointed by passing an Ordinary resolution.
o The auditor shall hold office till the conclusion of 6th AGM,
the AGM in which he is appointed shall be counted as first
AGM.
o Before the appointment a certificate for consent must be
obtained from auditor.

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Organization & services

In some countries, audit firms may be organized as LLCs or corporate

entities. The organization of audit firms has been a subject of debate in
recent years on account of liability issues. For example, there are rules in
EU member states that more than 75% of the members of an audit firm
must be qualified auditors.[5] In India, audit firms can only be
partnerships of qualified members of The Institute of Chartered
Accountants of India.

In the USA, the external auditor also performs reviews of financial

statements and compilation. In review auditors are generally required to
tick and tie numbers to general ledger and make inquiries of
management. In compilation auditors are required to take a look at
financial statement to make sure they are free of obvious misstatements
and errors. An external auditor may perform a full-scope financial
statement audit, a balance-sheet-only audit, an attestation of internal
controls over financial reporting, or other agreed-upon external audit
procedures.

External auditors also undertake management consulting assignments.

Under statute, an external auditor can be prohibited from providing
certain services to the entity they audit. This is primarily to ensure that
conflicts of interest do not arise. The independence of external auditors
is crucial to a correct and thorough appraisal of an entity's financial

16
controls and statements. Any relationship between the external auditors
and the entity, other than retention for the audit itself, must be disclosed
in the external auditor's reports. These rules also prohibit the auditor
from owning a stake in public clients and severely limits the types of
non-audit services they can provide.

The primary role of external auditors is to express an opinion on whether

an entity's financial statements are free of material misstatements.

Difference from internal auditor

Internal auditors who are members of a professional organization would

be subject to the same code of ethics and professional code of conduct as
applicable to external auditors. They differ, however, primarily in their
relationship to the entities they audit. Internal auditors, though generally
independent of the activities they audit, are part of the organization they
audit, and report to management. Typically, internal auditors are
employees of the entity, though in some cases the function may be
outsourced. The internal auditor's primary responsibility is appraising an
entity's risk management strategy and practices, management (including
IT) control frameworks and governance processes. They are also
responsible for the internal control procedures of an organization and the
prevention of fraud.

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Detection of fraud

If an external auditor detects fraud, it is their responsibility to bring it to

the management's attention and consider withdrawing from the
engagement if management does not take appropriate actions. Normally,
external auditors review the entity's information technology control
procedures when assessing its overall internal controls. They must also
investigate any material issues raised by inquiries from professional or
regulatory authorities, such as the local taxing authority.

External Auditors' Liability to Third Parties

Auditors may be liable to 3rd parties who are damaged by making

decisions based on information in audited reports. This risk of auditors'
liability to third parties is limited by the doctrine of privity. An investor
or creditor, for instance, can not generally sue an auditor for giving a
favorable opinion, even if that opinion was knowingly given in error.

The extent of liability to 3rd parties is established (in general) by 3

accepted standards: Ultramares, restatement, and foreseeability.

Under the Ultramares doctrine, auditors are only liable to 3rd parties
who are specifically named. The Restatement Standard opens up their
liability to named "classes" of individuals. The foreseeability standard
puts accountants at the most risk of liability, by allowing anyone who
might be reasonably foreseen to rely on an auditor's reports to sue for
damages sustained by relying on material information.
18
While the Ultramares doctrine is the majority rule, (to the relief of many
new and budding accountants pursuing an auditing career!) the
restatement standard is preferred in several states and is growing in
popularity. The foreseeability standard will not likely be widely adopted
anytime soon because the cost (time and financial) of litigation would be
enormous.

CFOs, company accountants, and other employees are not provided the
same luxuries of the doctrine of privity. Their material actions and
statements open them (and their companies) up to liability from third
parties damaged by relying on these statements.

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Comptroller and Auditor General of India

The Comptroller and Auditor General of India is the supreme audit

institution of India, established under Article 148 of the Constitution of
India. They are empowered to audit all receipts and expenditure of the
Government of India and the State Governments, including those of
autonomous bodies and corporations substantially financed by the
Government. The CAG is also the statutory auditor of Government-
owned corporations and conducts supplementary audit of government
companies in which the Government has an equity share of at least 51
percent or subsidiary companies of existing government companies. The
CAG is also the statutory auditor of the Lokpal.

The reports of the CAG are laid before the Parliament/Legislatures and
are being taken up for discussion by the Public Accounts Committees
(PACs) and Committees on Public Undertakings (COPUs), which are
special committees in the Parliament of India and the state legislatures.
The CAG is also the head of the Indian Audit and Accounts Department,
the affairs of which are managed by officers of Indian Audit and
Accounts Service, and has 43,576 employees across the country (as on
01.03.2020).

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In 1971, the central government enacted the Comptroller and Auditor
General of India (Duties, Powers, and Conditions of Service) Act, 1971.
In 1976, CAG was relieved from accounting functions.[5] Articles 148 –
151 of the Constitution of India deal with the institution of the CAG of
India.

The CAG is ranked 9th and enjoys the same status as a sitting judge of
Supreme Court of India in order of precedence. The former Lt. Governor
of UT of Jammu Kashmir G. C. Murmu is the current CAG of India. He
assumed office on 8 August 2020. He is the 14th CAG of India.

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Scope of audits

Audit of government accounts (including the accounts of the state

governments) in India is entrusted to the CAG of India who is
empowered to audit all expenditure from the Consolidated Fund of the
union or state governments, whether incurred within India or outside, all
revenue into the Consolidated Funds and all transactions relating to the
Public Account and the Contingency Funds of the Union and the states.
Specifically, audits include:

Transactions relating to debt, deposits, remittances, Trading, and

manufacturing

Profit and loss accounts and balance sheets kept under the order of the
President or Governors

Receipts and stock accounts. CAG also audits the books of accounts of
the government companies as per Companies Act.

In addition, the CAG also executes performance and compliance audits

of various functions and departments of the government. Recently, the
CAG as a part of thematic review on "Introduction of New Trains" is
deputing an auditors' team on selected trains, originating and terminating
at Sealdah and Howrah stations, to assess the necessity of their
introduction.[13] In a path-breaking judgement, the Supreme Court of

22
India ruled that the CAG General could audit private firms in revenue-
share deals with government.

The CAG has been a regular member of the United Nations' Panel of
External Auditors, and has previously served as the Chairman of its
Board of Auditors, after being elected in 2011.[14][15] The CAG is at
present serving as external auditor of two UN organisations:[16]

Food and Agriculture Organization of the United Nations (FAO)

World Health Organization (WHO)

Suggested Reforms

As the CAG, Vinod Rai was constantly in the limelight for its reports
exposing mega corruption, particularly in 2G spectrum case,
Commonwealth Games scam, Coal mine allocation scam and others. In
November 2009, the as CAG, he requested the government to amend the
1971 Audit Act to bring all private-public partnerships (PPPs),
Panchayati Raj Institutions and societies getting government funds
within the ambit of the CAG. The amendment further proposes to
enhance CAG's powers to access information under the Audit Act. In the
past, almost 30% of the documents demanded by CAG officials have
been denied to them.[19] The PPP model has become a favourite mode
of executing big infrastructure projects worth millions of rupees and

23
these projects may or may not come under the audit purview of the
CAG, depending on sources of funds and the nature of revenue sharing
agreements between the government and the private entities. As of 2013,
it is estimated that 60 percent of government spending does not come
under the scrutiny of the CAG.[20]

In June 2012, Lal Krishna Advani, a veteran Indian politician and former
Deputy Prime Minister of India as well as former Leader of the
Opposition in Indian Parliament), suggested that CAG's appointment
should be made by a bipartisan collegium consisting of the prime
minister, the Chief Justice of India, the Law Minister and the Leaders of
the Opposition in the Lok Sabha and the Rajya Sabha. Subsequently, M
Karunanidhi, the head of Dravida Munnetra Kazhagam (DMK) party
and five times Chief Minister of Tamil Nadu,[24] supported the
suggestion. Advani made this demand to remove any impression of bias
or lack of transparency and fairness because, according to him, the
current system was open to "manipulation and partisanship". Similar
demand was made by many former CEC's such as B B Tandon, N
Gopalaswamy and S Y Quraishi; however, the government did not seem
too keen.[26]

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CPI MP Gurudas Dasgupta wrote a letter to the PM and demand CAG
be appointed by the collegium of consisting the PM, the CJI and the
leader of the opposition in Lok Sabha but the PM declined. Former CAG
V. K. Shunglu has suggested in its CWG scam report that CAG be made
a multi-member body.

PMO Minister V.Narayanasamy in his interview with PTI said

Government is considering the Shunglu panel report but PM and
Finance Minister declined it. Later V. Narayanasamy said he misquoted
but PTI reaffirmed it.

Appointment of Auditors at AGM - Requirements

The first auditors of a company shall be appointed soon after the

incorporation of a company and their term shall be valid only till the first
Annual General Meeting (AGM) of the Company. Every company is
required to appoint their Statutory Auditor in the first Annual General
Meeting for a period of 5 years till the end of 6th AGM of the company.
There after the appointment of auditors has to happen for every five
years.

Section 139 of Companies Act, 2013 read with Companies (Audit and
Auditors) Rules, 2014 prescribes the conditions relating to appointment
of auditors at an AGM of the company. Every company shall be required

25
to appoint an auditor at First/Subsequent AGM for a term not less than 5
years.

Before making the appointment, the Board has to obtain a written

consent from the auditor and a certificate that all requirements are in
accordance with the Act.

Re-appointment of Auditor

If the auditor completes his term of 5 years, the auditor’s term shall
expire. The company has to re-appoint the auditors in such case. A
company can re-appoint a retiring auditor if:

 he is qualified for re-appointment

 a notice of his unwillingness to be re-appointed is not given to the

company

 a special resolution appointing some other auditor or providing

expressly that he shall not be re-appointed has not been passed.

The following companies except OPC and Small company shall not
appoint or reappoint an individual for more than one term of five
consecutive years or an auditor firm for more than for more than two
terms of five consecutive years:

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Listed Companies

 Unlisted public company having paid up share capital of rupees 10

crores or more;

 Private limited companies having paid up share capital of rupees

50 crore or more;

 Unlisted public company and Private company having public

borrowings from financial institutions, banks or public deposits of
rupees 50 crore or more.

The individual auditor or firm can be re-appointed in the same company

after their completion of term as prescribed above, only after 5 years
from completion of his term. Also, an audit firm having a common
partner to other audit firm, whose term has expired in a company
immediately preceding the financial year cannot be appointed as an
auditor of the same company for 5 years.

Appointment of Auditor - Online Process

An auditor is person who review and verify all the financial documents
of a company. The main duty of an auditor is that whether the financial
statements of a company follow Generally Accepted Accounting
Principles (GAAP). Every company shall requires to appoint an
individual auditor or audit firm as first auditor and subsequent auditor.
27
The auditor of a company protects the interest of shareholders. Every
company needs to appoint an auditor as per the provisions of Companies
Act, 2013.

Remuneration of Auditors

According to Section 142 of the Act prescribed that the remuneration of

the auditor of a company shall be fixed in its general meeting or in such
manner as may be determined therein. Board may fix remuneration of
the first auditor appointed by it. The remuneration will be in addition to
the out of pocket expensed incurred by the auditor in connection with
the audit of the company and any remuneration paid to him for any other
service rendered by him at the request of the company.

Powers and Duties of Auditors

Section 143(1) provided that Every auditor can access at all times to the
books of accounts, vouchers and seek such information and explanation
from the company and enquire such matters as he considers necessary,
including the matters specified in sub-Clauses (a) to (f). It is the duty of
every auditor to make proper enquiry regarding these matters, besides
other matters and if he is satisfied, it is not necessary to disclose this fact
in his report.

Audit Report

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Section 143 (2) prescribed that auditor shall make a report to the
members of the company on the accounts examined by him and on every
financial statement which is required to be laid in the general meeting of
the company. The Audit report should take into consideration the
provisions of this Act, the Accounting and Auditing standards and
matters which are required under this Act or rules made thereunder or
under any order made u/s 143(11). The Audit report should state that to
the best of his information and knowledge, the said accounts and
financial statements give a true and fair view of the state of the
company’s affair as at the end of the financial year and the profit or loss
and the cash flow for the year and such other matters as may be
prescribed.

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Conclusion

The process of auditor appointment, governed by the Companies Act,

2013, is designed to ensure transparency, accountability, and the
adherence to regulatory standards. By following the procedures specified
in Section 139 and the associated rules, companies can confidently
appoint auditors who meet the required qualifications and who can play
a crucial role in maintaining the financial integrity of the organization.
Staying updated with the guidelines and procedures outlined in the Act
is essential to navigate the auditor appointment process seamlessly while
upholding compliance.

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