In a company an auditor has resigned in AGM having 3 years remaining audit tenure. Weather it will result in a casual vacancy.
Moreover, weather the appointment of new auditor will be for 1 year or 5years. And weather the appointment of new auditor will be made by board and later approved by members or the Board will only make recommendation and appointment will be made by members in AGM.
16 August 2016
Any new auditor appointed would be applicable for period of 5 years. If it is a casual vacancy, the auditor can be appointed by Board and later can be approved in the AGM.
17 August 2016
Thanks mam Mam please clarify the doubt if previous auditor resigns in AGM before completion of his/ her five year period weather it is a casual vacancy or not.
CAclubindia
