The most important question , legal , is that How a Auditor , Chartered Accountant as noted in Law can be replaced by all other !!!
__._,_.___
receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.
To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com
Section 226 in The Companies Act, 1956
226. Qualifications and disqualifications of auditors.
(1) A person shall not be qualified for appointment as auditor of a company unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (48 of 1949 ): Provided that a firm whereof all the partners practising in India are qualified for appointment as aforesaid may be appointed by its firm name to be auditor of a company, in which case any partner so practising may act in the name of the firm.
1. Subs. by Act 31 of 1988, s. 67 (w. e. f. 31- 5- 1991 ).
(2) (a) Notwithstanding anything contained in sub- section (1) but subject to the provisions of any rules made under clause (b), the holder of a certificate granted under a law in force in the whole or any portion of a Part B State immediately before the commencement of the Part B States (Laws) Act, 1951 (3 of 1951 .) 1[ or of the Jammu and Kashmir (Extension of Laws) Act, 1956 , (62 of 1956 .) as the case may be,] entitling him to act as an auditor of companies 2[ in the territories which, immediately before the 1st November, 1956 , were comprised in that State] or any portion thereof, shall be entitled to be appointed to act as an auditor of companies registered anywhere in 3[ India].
(b) The Central Government may, by notification in the Official Gazette, make rules providing for the grant, renewal, suspension or cancellation of auditors' certificates to persons in 4[ the territories which, immediately before the 1st November, 1956 , were comprised in Part- B States] for the purposes of clause (a), and prescribing conditions and restrictions for such grant, renewal, suspension or cancellation.
(3) None of the following persons shall be qualified for appointment as auditor of a company-
(a) a body corporate;
(b) an officer or employee of the company;
(c) a person who is a partner, or who is in the employment, of an officer or employee of the company;
(d) a person who is indebted to the company for an amount exceeding one thousand rupees, or who, has given any guarantee or provided any security in connection with the indebtedness of any third person to the company for an amount exceeding one thousand rupees;
(e) a person who is a director or member of a private company, or a partner of a firm, which is the managing agent or the secretaries and treasurers of the company;
(f) a person who is a director or the holder of shares exceeding five per cent. in nominal value of the subscribed capital, of any body corporate which is the managing agent or the secretaries and treasurers, of the company: Provided that any shares held by such person as nominee or trustee for any third person and in which the holder has no beneficial interest shall be excluded in computing the percentage of shares held by him for the purpose of this clause. Explanation.- References in this sub- section to an officer or employee shall be construed as not including references to an auditor.
1. Ins. by Act 62 of 1956, s. 2 and Sch. (w. e. f. 1- 11- 1956 ).
2. Subs. by the A. O. (No. 3) 1956, for" in that State".
3. Subs. by Act 65 of 1960, s. 68, for" those territories".
4. Subs. by the A. O. (No. 3) 1956, for" Part B States".
(4) A person shall also not be qualified for appointment as auditor of a company if he is, by virtue of sub- section (3), disqualified for appointment as auditor of any other body corporate which is that company' s subsidiary or holding company or a subsidiary of that company' s holding company, or would be so disqualified if the body corporate were a company.
(5) If an auditor becomes subject, after his appointment, to any of the disqualifications specified in subsections (3) and (4), he shall be deemed to have vacated his office as such.
Now what is qualification of Audiotr under New Companies Act, 2013. I think remains the same.
Comments are invited. Contrary views , if any.
C S Ahah D J
Now what is qualification of Audiotr under New Companies Act, 2013. I think remains the same.
Comments are invited. Contrary views , if any.
C S Ahah D J
On Thursday, 10 April 2014 9:51 AM, CA.Anshul Agarwal <anshul276@gmail.com> wrote:
We all must take some steps to solve the issue as the new rules are very stringent to the CA and the Directors. Some points have been mailed by me to the above mentioned mail ids highlighting the practical difficulties to be faced.On Thu, Apr 10, 2014 at 4:21 PM, G SABHARWAL & COMPANY <gscafca@gmail.com> wrote:
why not send a memorandum from each chapter instead that would be more effective and impact would be thereWarm Regardsfrom the desk ofCA. Gautam RM Sabharwaloffice address:~G SABHARWAL & COMPANYChartered Accountants143/2 Chander Nagar, Alambagh, Lucknow 2260057755888666, 9839272225, 2464606, 4010040On 9 April 2014 19:03, Nitesh More <moreassociate@gmail.com> wrote:1) Against the sentiment of CA fraternity, MCA has further reduced the 30 company audit limit fixed by ICAI to 20.
2) Small practitioners who gets audit fees as low as Rs 5000 will leave CA profession.3) U/S 470 , Central Govt can make provisions as appear to it to be necessary or expedient for removing the difficulty. A question arise will CG come with a definition of companies by invoking this provision for the purpose of sec 141 (3) g?
SEC 470: POWER TO REMOVE DIFFICULTIES(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient for removing the difficulty:Provided that no such order shall be made after the expiry of a period of five years from the date of commencement of section 1 of this Act.(2) Every order made under this section shall, as soon as may be after it is made, be laid before each House of Parliament.4) Let us request MCA to notify definition of comnapy for the purpose of sec 141 as follow:"Company means company with a paid up capital of 25 crores or more".5) Let us Write to MCA and make our Submissions by Email/Post
While ICAI's representation is being actively made, We the Members and Students of ICAI should also through our individual communications write to the Ministry of Corporate Affairs about the concerns and grievances that we have.6) The email ids of the relevant officials and the MCA postal address is provided below
Name Email Designation
Shri Naved Masood secy.mca@nic.in Secretary-MCA
Shri M.J. Joseph mohan.joseph@mca.gov.in Add Secy-MCA
Ms.Renuka Kumar renuka.kumar@mca.gov.in Joint Secretary-MCA
Shri Manoj Kumar manoj.kumar@mca.gov.in Joint Secretary-MCA
Shri AmardeepBhatia asbhatia@mca.gov.in Joint Secretary-MCA
Shri.Suresh Pal sureshpal@nic.in Joint Secretary-MCAThe relevant MCA postal addresses is as belowMCA Officials' AddressMinistry of Corporate Affairs
'A' Wing, 5th Floor, Shastri Bhawan
Dr. Rajendra Prasad Road
NEW DELHI 110 001MCA Minister's AddressMinister of State for Corporate Affairs
Room No 437, C Wing
4th Floor, Shahstri Bhawan
Dr Rajendra Prasad Road
New Delhi 110 0017) I urge all of you to send email/post your submissions for the sake of our profession.--Thanks & RegardsCA Anshul AgarwalAnshul Agarwal & AssociatesLucknowMob. +91 9369-8989-77
__._,_.___
receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.
To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com
__,_._,___
No comments:
Post a Comment