etc. However, a firm whereof majority of partners practicing in India are qualified for appointment as aforesaid, may be appointed by its firm name to be auditor of a company. A person in order to be appointed as the auditor should meet the following qualifications- A person shall be a Chartered Accountant. Section 141.Eligibility, qualifications and disqualifications of left: 10px; .ld_spacer_64a5832d2cfa4{height:20px;} In a Government company, within a period of 180 days from the commencement of the financial year, the auditor shall be appointed who shall hold office until the conclusion of the annual general meeting. G.S.R. Statutory Audit: Statutory Auditor, Concepts and Question - Toppr Role of an Auditor. If the auditor does not comply with the provisions of sub-section (2), he or it shall be liable to a penalty of fifty thousand rupees or an amount equal to the remuneration of the auditor, whichever is less, and in case of continuing failure, with further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of two lakh rupees. More According to Section 138 (1) of the Companies Act, 2013,: 5. Section 141: Eligibility, qualifications and disqualifications of auditors. It may be noted that the company shall be punished with fine that will not be less than 25 thousand rupees and may extend to 5 lakh rupees. // -->
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