B Com Exam > B Com Videos > Auditing and Secretarial Practice > Removal of Auditor - Company Auditor, Auditing and Secretarial Practice
Removal of Auditor - Company Auditor, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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FAQs on Removal of Auditor - Company Auditor, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What is the process for the removal of a company auditor? |  |
Ans. The process for the removal of a company auditor usually involves convening a board meeting to pass a resolution for their removal. This resolution needs to be filed with the Registrar of Companies (ROC) within 30 days from the date of the board meeting. The ROC then updates the company's records and informs the removed auditor about their removal.
| 2. Can a company remove an auditor without any valid reason? | |
Ans. No, a company cannot remove an auditor without any valid reason. The Companies Act stipulates that a company can remove an auditor only after giving them a reasonable opportunity to be heard. Valid reasons for removal may include non-compliance with auditing standards, professional misconduct, or the auditor's resignation.
| 3. What are the legal consequences of removing an auditor without following due process? | |
Ans. Removing an auditor without following due process can have legal consequences. The removed auditor may file a complaint with the appropriate regulatory authorities, such as the Institute of Chartered Accountants of India (ICAI), and seek legal remedies. The company may also face penalties or fines for non-compliance with the Companies Act.
| 4. Can a company appoint a new auditor immediately after removing the previous one? | |
Ans. Yes, a company can appoint a new auditor immediately after removing the previous one. However, the appointment of the new auditor needs to be approved by the shareholders at the next Annual General Meeting (AGM). The new auditor should also meet the eligibility criteria specified by the Companies Act.
| 5. How can the shareholders of a company remove an auditor? | |
Ans. The shareholders of a company can remove an auditor by passing a special resolution at a general meeting. The special resolution requires the affirmative votes of shareholders representing at least three-fourths of the voting power. The resolution needs to be filed with the ROC within 30 days from the date of the general meeting for the removal to be effective.
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Nov 16, 2024 Last updated |
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