Appointment of auditor in llp

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2012 Dear Experts,

Please provide me the procedure for appointment of Auditor in LLP.

I also request u to provide the the format of resolution for Auditor's appointment in LLP.

Thanks

Ajay Mishra

Ajay Mishra (Expert)
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21 May 2012 Hi

Procedure for Appointment of Auditor
1. LLP shall appoint an auditors for the purpose of audit of its accounts for every financial year

2. A person or firm shall be member of Institute of Chartered accountants of India to be appointed as auditor.

3. The designated partners should convene a meeting for appointment of auditor and fix his remuneration.

4.The existing auditor shall hold office till such time new auditors are appointed in accordance with LLP Agreement.

NOTE

As per Rule 24 of Limited Liability Partnership Rules, 2009.

A limited liability partnership whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty-five lakh rupees shall not be required to get its accounts audited:

An auditor or auditors of a limited liability partnership shall be appointed for each financialyear of the LLP for auditing its accounts.

The designated partners may appoint an auditor or auditors—

(a) at any time for the first financial year but before the end of the first financial year,

(b) at least 30 days prior to the end of the each financial year (other than the first financial year),

(c) to fill a casual vacancy in the office of auditor, including in the case when the turnover or contribution of a limited liability partnership exceeds the limits specified under sub-rule (8), or

(d) to fill up the vacancy caused by removal of an auditor.

The partners may appoint an auditor or auditors where the designated partners have power to appoint under sub-rule (11) and have failed to appoint.

An auditor or auditors of an LLP shall hold office in accordance with the terms of his or their appointment and shall continue to hold such office till the period —

(a) the new auditors are appointed, or

(b) they are re-appointed.

Where no auditor has been appointed under sub-rule (11), any auditor in office shall be deemed to be re-appointed, unless —

(a) the limited liability partnership agreement requires actual re-appointment, or

(b) the majority of partners have determined that he should not be re-appointed and have given a notice to this effect to the LLP.

Regards

Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2012 Dear Sir,

Please provide me the extract for appointment of auditor in LLP

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