Do you think that your experts are unable to understand your financial statements? Are you on the lookout for professionals who can ensure good health of your business and offer you complete peace of mind? Trust us; appointing a reputed auditor can undoubtedly be one of your best business decisions ever!
No matter what kind of a business you are associated with, these experts have a great role to play in the day-to-day activities of your organisation. From offering premium quality legal guidance and comprehensive documentation to assisting you in various financial matters, there are many benefits of hiring an auditor. What makes their services more useful is that they can provide you with the best solution for all your business needs at the best competitive rates!
Read on then to check out our brief guide on finding a good auditor for your company!
Appointing An Eminent Auditor In Kolkata
Irrespective of what the business size is, a company needs to appoint either a reputed firm or an individual at its 1st Annual General Meeting (AGM), who will be responsible for conducting audits. The professional should hold his office from the conclusion of the 1st AGM till the 6th AGM ends. Thereafter, every new professional shall be responsible till the conclusion of every 6th AGM. However, this shall be subject to the consent of the members of the company at every AGM.Hiring An Auditor For The Compulsory Internal Audit
Gone are the days when a company’s own employees conducted its internal audit. With the latest regulations of the new Companies Bill, it’s mandatory for companies to appoint an internal auditor in Kolkata who, in addition to internal audit services, must be able to provide various other services like- statutory audit, taxation, advisory services, etc. This professional must either be a-
- Cost Accountant
- Chartered Accountant
- Any other professional as decided by the board who will be responsible for conducting the internal audits of the company
Grounds For Disqualification According To The Companies Bill
- Any firm or person who has been ‘convicted by a court of any offence’ including fraud, and a period of 10 years has not elapsed from the date of conviction
- Any individual or firm, who directly or indirectly has some sort of a business relationship with the company, or its holding, its subsidiary or associate Company
- Any person who has a relative employed by the company as a key member of the management or a director.
Earlier, under the Companies Act of 1956, there was no provision for mandatory rotation of professionals. This resulted in long tenures of auditors in a particular company. However, to remove this anomaly, the new Companies Bill has prescribed rotation of professionals after serving for a specific period of time. Not only will this ensure the professional’s independence but even strengthen their diligence in role and conduct.
Now that you have this comprehensive guide, what are you still waiting for? Quickly find a leading auditing firm and start availing some exemplary services!
