Press Information Bureau

Government of India

Ministry of Corporate Affairs

04-August-2011 18:28 IST

Appointment of Statutory Auditors

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the statutory auditors of the companies incorporated under the Companies Act are appointed u/s of the Act.

Replying to a written question the minister said there is no proposal to have the statutory auditors appointed by a Regulatory Authority in respect of listed companies like in the cases of Banks and Government Companies.

*****

ST/-

Appointment of statutory auditors: companies appoint auditors under the Companies Act; no move to regulatory appointment. Appointment of statutory auditors is governed by the Companies Act framework: companies incorporated under the Act appoint their statutory auditors pursuant to the Act's provisions, and there is no proposal to transfer appointment of auditors of listed companies to a separate regulatory authority analogous to arrangements in the banking sector or for government companies.