Statutory auditors' remuneration: boards must justify fees by measurable company activity and audit workload. Boards must recommend auditors' fees to the Company Law Board based on a comparative assessment of company activity or since the last revision, using specified indicators (production/sales, purchases, revenue expenditure, capital employed, fixed assets, investments, loans and transaction volumes) and audit workload metrics (vouchers, decentralisation, man hours, internal audit presence, and supplementary reporting obligations); fees for current financial years should be estimated from expected activity, substantive remuneration should exclude TA/DA and incidental expenses, and first year/project audits should use budgeted minimum activity to avoid excessive fees.
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Provisions expressly mentioned in the judgment/order text.
Statutory auditors' remuneration: boards must justify fees by measurable company activity and audit workload.
Boards must recommend auditors' fees to the Company Law Board based on a comparative assessment of company activity or since the last revision, using specified indicators (production/sales, purchases, revenue expenditure, capital employed, fixed assets, investments, loans and transaction volumes) and audit workload metrics (vouchers, decentralisation, man hours, internal audit presence, and supplementary reporting obligations); fees for current financial years should be estimated from expected activity, substantive remuneration should exclude TA/DA and incidental expenses, and first year/project audits should use budgeted minimum activity to avoid excessive fees.
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