03 September 2022
What will be the last date for the Appointment of a New Auditor for conducting the Audit of FY 2022-23? Please share the procedure also.
06 July 2024
The last date for the appointment of a new auditor for conducting the audit of FY 2022-23 depends on various factors including the statutory requirements of the jurisdiction where the company is registered and the specific deadlines set by regulatory bodies such as the Ministry of Corporate Affairs (MCA) in India. Here’s a general guideline and procedure for appointment of auditors:
### General Procedure for Appointment of Auditors:
1. **Annual General Meeting (AGM)**: - In most jurisdictions, including India, auditors are typically appointed at the Annual General Meeting (AGM) of the company. - The AGM should be held within a specific timeframe after the end of the financial year (FY). For example, in India, it is usually within 6 months from the end of the financial year.
2. **Resolution for Appointment**: - A resolution proposing the appointment of auditors should be included in the agenda of the AGM. - Shareholders vote on the resolution to appoint auditors.
3. **Intimation to Auditor**: - Once appointed, the company should inform the auditor in writing about their appointment and request their consent to act as auditors.
4. **Filing with Authorities**: - After appointment, the company may need to file Form ADT-1 with the Registrar of Companies (RoC) or relevant authority, depending on local regulations. This form notifies the authority about the appointment of auditors.
5. **Tenure**: - Ensure compliance with statutory requirements related to the tenure of auditors. In some jurisdictions, auditors may have a maximum permissible tenure before rotation is required.
### Last Date for Appointment:
- **Check Local Regulations**: The specific last date for appointing auditors for FY 2022-23 will depend on the local regulations governing your company. - **AGM Date**: Typically, auditors are appointed at the AGM, so ensure the AGM is held within the stipulated timeframe after the end of FY 2022-23. - **Statutory Requirements**: Follow any specific statutory requirements or deadlines set by the regulatory authority in your jurisdiction.
It’s advisable to consult with a qualified company secretary or legal advisor who is familiar with the regulations applicable to your company to ensure compliance with all requirements regarding the appointment of auditors for the upcoming financial year.
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