Who appoints the cost auditor after the approval of central government?

According to section 148(3) of the Companies Act, Cost Audit shall be conducted by Cost Accountant in practice. Appointment of Cost Auditor shall be done by Board resolution along with previous approval of Central Government.

Who can be appointed as cost auditor?

Only a Cost Accountant, as defined under section 2(28) of the Companies Act, 2013, can be appointed as a cost auditor.

Who appoints the auditor of government?

According to the provisions of section 139 of the Companies Act 2013, the auditor for a government company shall be appointed by the Comptroller & Auditor General of India (C&AG for a financial year within 180 days from the commencement of the financial year.

Who appoints auditors and when are they appointed?

After incorporation of a company in the first annual general meeting, an Auditor must be appointed by the Board of Directors. The Auditor will typically hold term till the conclusion of 6th AGM or 5 years. The appointment of an Auditor can also be made for a period of 1 year, renewable at each annual general meeting.

Who Cannot be appointed as cost auditor of a company?

A person cannot be appointed as a cost auditor of a company if he attracts any of the disqualifications listed in sub-sections (3) and (4) of section 226 of the companies act, 1956.

Appointment of Cost Auditor: CMA-CA inter

Who appoints cost auditor of a company Mcq?

According to section 148(3) of Companies Act 2013, cost audit shall be conducted by Cost Accountant in Practice who shall be appointed by the Board on such remuneration as determined by the members in such a manner as may be prescribed.

Who can do cost audit in India?

A cost accountant holding certificate of practice on part time basis is not entitled to conduct cost audit. Thus, only a cost accountant in whole-time practice can conduct cost audit. Further, a statutory auditor appointed under Section 139 of the Act cannot be appointed as cost auditor of the company.

Who appoints the first auditor?

By Board of Directors of the Company–

According to Section 139(6) the first auditor should be appointed by the board of directors within 30 days from the registration of the company. Company holds the board meeting and appoint the same.

Who is responsible for the appointment of auditors Mcq?

The board of directors shall appoint first auditor of a company5.

Who should appoint the External Auditor?

External auditors are independent auditors appointed by the company's shareholders; they usually belong to Certified Public Accountant Firm (CPA) to help remove any bias in the company's financial review.

In what situation auditor is appointed by the Central Government?

As per Section 139(5) in the case of a Government Company or any other Company-owned or controlled, directly or indirectly, by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, the Comptroller and Auditor-General of India ...

Who can be appointed as internal auditor as per the Companies Act 2013?

(1) Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company.

Who appoints the company auditors A Directors B shareholders C Central Government d all of these?

10. First auditor is to be appointed by board of directors within .......

Who shall appoint the auditor of the Board fails to appoint Mcq?

In case of Failure to appoint the Auditor, the Board of directors shall intimate about the same to shareholders of the company. Shareholder shall appoint such Auditor at the Extraordinary General meeting within a period of 60 days.

Who is responsible for the appointment of statutory auditor of a limited?

The appointment is done by the Comptroller and Auditor General of India within 180 days from the 1st of April. The appointment is by the members within 3 months of the recommendations of Board and he will hold office till the next AGM.

Who is subsequent auditor?

In case of subsequent auditor for existing government companies, the Comptroller & Auditor General shall appoint the auditor within a period of 180 days from the commencement of the financial year and the auditor so appointed shall hold his position till the conclusion of the Annual General Meeting.

Can CA appoint as cost auditor?

Only a Cost Accountant can be appointed as Cost Auditor for conducting cost audit. Cost Accountant” means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice under sub-section (1) of section 6 of that Act.

Who is the auditor of state government and central government?

Murmu is the current Comptroller and Auditor General (CAG) of India. He assumed office on 8 August 2020. He is the 14th CAG of India.

Is cost audit done by a chartered accountant?

30 March 2010 Yes. CA can be appointed as cost auditor.

Who appointed internal auditor Mcq?

Ans. : (D) Audit program.

35) Internal auditor is appointed by – (A) The management (B) The shareholders (C) The government (D) statutory body Ans. : (A) The management.

Is internal auditor required to be appointed every year?

Appointment of internal auditor is mandatory for every producer company irrespective of any criterion. Further, the proviso provides that any existing company which is covered under any of the above criteria shall comply with the requirements of section 138 and rule 13 within six months of commencement of such section.

Who should appoint internal auditor?

As per the Companies Act 2013, following class of companies shall have to mandatorily appoint internal auditor. Every Unlisted public company if during the preceding financial year, it satisfies any of the below mentioned conditions: turnover of rupees two hundred crore or more.

How do you appoint a new auditor?

The appointment of auditors (other than the first auditors) is required to be done by the members of the company in the general meeting. The auditor appointed at the general meeting holds office from the conclusion of that meeting, with the meeting wherein such appointment being counted as the first meeting.

Who is responsible for the selection and appointment of the independent external auditor?

Section 301 of the legislation declares that the audit committee is “directly responsible for the appointment, compensation, and oversight of the work of any registered public accounting firm employed by that issuer”.