SECTION 141, SECTION 142 (companies Act,2013)


                                SECTION: 141.
Qualification of auditor

1) Individual =must be charted accountant.

2) Firm= majority of partners are practicing in India.

3) LLP= only charted accountant partners have rights to sign behalf of firm.

Disqualification of auditor

1) Body corporate other than LLP

2) An officers or employee of company

3) A person who is a partner or who is a employment of an officer or employee of company

4) A person or his relative or partner:
v Having investment of rupees 1 lakh or above in company or subsidiary     or holding or associate company or fellow subsidiary company
v Debt of rupees 5 lakh or more or above in company or subsidiary or holding or associate company or fellow subsidiary company
v A person guarantee given of rupees 1 lakh or above in company or subsidiary or holding or associate company or fellow subsidiary company

5) Any direct or indirect business relationship with company or subsidiary or holding or associate company or fellow subsidiary company

6) A person whose relative is in employment in the company as a director or key man person (KMP)

7) If he work in more than 2o companies (One person company , small company , dormant company ,company with paid-up share capital less than 100 cr are not consider )

8) A person who has been convicted by the court for an offence involving fraud and 10 year has not evolved from such convocation

9) Any person whose subsidiary or associate company or any other form of entity is engaged in providing service mention in section 144
                           SECTION: 142.
1) Remuneration of only 1st auditors appoint by board of director will be fix by board of director

2) Every other auditor (subsequent auditor, causal vacancy) appoint by board of director or share holder or C&AG will be fixed by share holder


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