CORPORATE ACCOUNTABILITY – II - AUDIT

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....tion of the auditors of a company - (a) in the case of an auditor appointed by the Board or the Central Government, may be fixed by the Board or the Central Government (aa) in the case of an auditor appointed under section 619 by the Comptroller and Auditor-General of India, shall be fixed by the company in general meeting (b) subject to clause (a), shall be fixed by the company in general meeting or in such manner as the company in general meeting may determine. For the purposes of this sub-section, any sums paid by the company in respect of the auditors' expenses shall be deemed to be included in the expression "remuneration". Qualifications and disqualifications of auditors - Section 226 A person shall not be qualified for appo....

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....s of Retiring Auditors - Section 225(2) & (3) Appointment of Auditors by Special resolution - Section 224A In the case of a company in which not less than twenty-five per cent of the subscribed share capital is held, whether singly or in any combination, by___ (a) a public financial institution or a Government company or Central Government or any State Government, or (b) any financial or other institution established by any Provincial or State Act in which a State Government holds not less than fifty-one per cent of the subscribed share capital, or (c) a nationalized bank or an insurance company carrying on general insurance business, the appointment or re-appointment at each annual general meeting of an auditor or auditors shall b....

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....227(1A) Special Audit - Section 233A Where the Central Government is of the opinion___ (a) that the affairs of any company are not being managed in accordance with sound business principles or prudent commercial practices; or (b) that any company is being managed in a manner likely to cause serious injury or damage to the interests of the trade, industry or business to which it pertains; or (c) that the financial position of any company is such as to endanger its solvency. Cost Audit - Section 209(1)(d) In the case of a company pertaining to any class of companies engaged in production, processing, manufacturing or mining activities, such particulars relating to utilisation of material or labour or to other items of cost as may be....