05 September 2014
AS per section 141(3) of the companies act 2013, A person cannot be appointed as an auditor of the company if he is already an auditor in more than 20 companies. This was applicable both in case of private companies and public companies.
A draft notification was presented on 24th June 2014 for public comments in which this limit of 20 companies was made applicable only on public companies and thus as per the draft notification, the auditor can be appointed as an auditor in any number of PRIVATE LIMITED COMPANIES.
Is this correct?? Is the draft notification has been made into force??
CAclubindia
