X Associates, chennai, Audit firm has been taken over by Y Associates, Delhi and will continue to operate under the name of the latter. X associates is doing audit for few of our private Companies. My doubts are:
Should this change in firm name be noted down in the Minutes of the Pvt Cos? Is there any else that should be done in connection with this?
In my opinion this should be noted in the minutes of the Board Meeting of the Company.
In the Directors report, it should be mentioned that the Audit firm X Associates has been taken over by Y Associates. The Board should recommend the appointment of Y Associates as Statutory Auditors of the Company for the enduing financial year.
In the notice convening the AGM of the Company, resolution for appointment of Y Associates and fixation of their remuneration as Statutory Auditors of the Company should be passed.
Experts please share ur views and do correct me if i am wrong...
CAclubindia
