Eligibility of an Auditor

Following can be eligible for being an auditor depending upon the situations –

1. A qualified chartered accountant
2. A partnership firm including Limited Liability Partnership  .

Now , let us understand it in depth . 

TohAccording to Companies Act , 2013 , section 141 , sub-section 1  following are the conditions

To be an Auditor of company…

An individual Must be a Qualified Chartered Accountant from the Institute of Chartered Accountants of India,

A Qualified Chartered Accountant eligible for being appointed as auditor of a Company

Now tell , correct ya incorrect?

Ans is correct

A firm can be appointed as an Auditor where majority of partners are chartered Accountant .

But remember only that partner can conduct audit or Sign report who is a qualified chartered accountants .

The provisions relating to eligibilityof an auditor are governed by section 141 of the Companies Act, 2013

A person shall be eligible for appointment as an auditor of a company only if he is a chartered accountant.It may be noted that a firm whereof majority of partners practising in India  are qualified for appointment as aforesaid may be appointed by its firm name to be auditor of a company.

Where a firm including a limited liability partnership is appointed as an auditor of a company, only the partners who are chartered accountants shall be authorised to act and sign on behalf of the firm.