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of <h1>Clause 141: Eligibility, Qualifications, and Disqualifications for Company Auditors Explained</h1> Clause 141 of the Companies Bill, 2011 outlines the eligibility, qualifications, and disqualifications for auditors of a company. Only chartered accountants, or firms with a majority of chartered accountant partners, are eligible for appointment. Disqualifications include being a corporate body (except limited liability partnerships), company officers or employees, those with financial interests or indebtedness to the company, and those with business relationships with the company. Additionally, individuals with relatives in key company positions, those convicted of fraud within ten years, and those exceeding prescribed audit limits are disqualified. Auditors must vacate their position if they incur disqualifications post-appointment.
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