30 November 2016
Is it mandatory to appoint first auditor in the company by filing form ADT 1 even if it is a loss making co. And is in the 2nd year of its operation?
04 December 2016
The first auditor of the company is supposed to be appointed by the Board of Directors in the first board meeting of the company after incorporation. The time limit for which is 30 days from the date of incorporation. If the board has for some reason not appointed the first auditor then the board has to first inform the shareholders of the same and then get the first auditor appointed by the shareholders.
ADT 1 is not required to be filed for appointment of first auditor appointed by the board.
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