Company registered in India is required to appoint an individual or a audit firm as it’s first auditor after its incorporation. Accounts of the company’s are required to be audited by such first auditor.
According to the companies act 2013, only a chartered accountant in practice can be appointed as first auditor of the company. No other persons can be appointed as an auditor of the company.
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Appointment of First Auditor
The first auditor of a company shall be appointed by the Board of Directors within 30 days from the date of registration in the case of failure of the Board, it shall inform the members, who shall within 90 days at an EOGM appoint first auditor. Form ADT-1 should be filed within 15 days. ADT-1 will go as an attachment of Form GNL-2 as form ADT-1 is not available electronically. MGT-14 is not necessary for appointment of auditor.
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