Explain the provision for appointment of first auditor of the company.

Auditing and Assurance Revision Questions and Answers

Answer
As per Sec 111(1), The auditor of accompany shall be appointed, from amongst the auditors licensed to carry out audit under the prevailing law, the general meeting, subject to Chapter-18 ,in the case of a public company, and, in accordance with the provision as contained in the memorandum of association, articles of association or consensus agreement, any failing such provision, the general meeting, in the case of a private company; and his/her name shall be forwarded to the Office within fifteen days from the date of such appointment.
Provided, however, that the board of directors may appoint the auditor prior to the holding of the first annual general meeting. Therefore, First Auditor is appointed Board of Directors.



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