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of <h1>Audit Process Under Companies Act, 1956: Appointment, Rights, and Responsibilities of Chartered Accountants</h1> Audit under the Companies Act, 1956 involves examining a company's accounting records to ensure transaction accuracy. Auditors are appointed annually at the general meeting, with their remuneration determined by the company or relevant authorities. Only chartered accountants qualify as auditors, with specific disqualifications outlined. Retiring auditors are generally reappointed unless disqualified or unwilling. Special resolutions are required for auditor appointments in companies with significant government or financial institution holdings. Auditors have rights to access company records, receive remuneration, and attend meetings. They must report on the company's financial statements, ensuring a true and fair view, with penalties for non-compliance.
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