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Remuneration of auditors has been defined in companies act 2013.
Remuneration of Auditors (apart from the first auditor) of the company will be determined by stakeholders in general meeting as per section 142 of Companies Act 2013.
The C&AG shall appoint an auditor in order to conduct the audit of the company. The C&AG shall also give directions & the manner in which such accounts of the government company is necessary to be audited by the auditor.
The auditors after completing the audit shall issue the audit report to the C&AG that will be included in all the matters which are mentioned above. The auditor of the government company will mention in his audit report the direction issued by C&AG, the actions taken thereupon & its impact on accounts & financial statement of the company.
On receipt of the audit report of the government company, the C&AG can perform supplementary audit within the period of 60 days from the date of receipt of such audit report. He might also comment on the audit report as he thinks proper.
In the Government Company, the C&AG also requires that the test audit of the company shall be conducted
Any of the auditor appointed by Company should also offer only those services that will be approved by Board of Directors or Audit Committee, as the case may be, but it might not include the below-mentioned services:
A person who is appointed as the auditor of Company can sign Auditor’s report or also can sign or can certify any other documents of the Company & present same before the general meeting & shall be open for member’s scrutiny as well as inspection.
All such notices & other communications relating to the general meeting will be forwarded to the auditor & he can attend either by himself or through his authorized representative & has right to be heard at such a meeting.
Read our article: Read about Filing of Annual Return as Per Companies Act 2013
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