Section 141 amp 145 Of Companies Act 2013

Section 141 of the Companies Act 2013
[Auditor Eligibility, Qualification, and Disqualifications]

Who can be appointed as Auditor?
A statutory auditor of a company is a person appointed to verify the correctness of the accounting records of the company. As per the Companies Act, 2013, only a practicing Chartered Accountant (CA) is eligible to be appointed as the statutory auditor in a company. A person shall not be qualified for an appointment as statutory auditor of a company unless there is eligibility on the part of the person to act in the capacity of an auditor. Also, a Chartered Accountant firm can be appointed as an auditor of a company. Such an appointment is possible exclusively when the majority of the partners are practicing Chartered Accountants in India. The partners should also be qualified for appointments in their respective individual capacities. Further, a limited liability partnership (LLP) also can be appointed as the auditor of a firm in its name. However, to qualify for appointment, all partners in the LLP should be engaged in full-time practice as CAs.

Auditor Qualifications
A person is qualified for the appointment as the auditor of the company only if he is a Chartered Accountant within the meaning of the Chartered Accountants Act 1949. Nationality is not important. A firm whereof all the partners practicing in India are qualified for the appointment as auditor, may be appointed by its firm name to be the auditor of the company. The holder of a certificate under the restricted auditor’s certificates rules 1956 shall be entitled to be appointed as an auditor.