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  • The Company Audit 02 - Class Notes - Udesh Regular - Group 2

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    The document discusses disqualifications of a company auditor under Section 141(3) of the Companies Act, 2013. It lists out persons who cannot be appointed as auditors, such as employees of the company, relatives of employees, persons having financial interests in the company over certain thresholds. It provides exceptions for relatives holding small amounts of securities. The section also defines relatives under Section 2(77) to include lineal ascendants and descendants, siblings and their spouses. The document emphasizes that success requires hard work and those who work hard are never defeated.

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    The Company Audit 02 _ Class Notes __ Udesh Regular- Group 2

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    The document discusses disqualifications of a company auditor under Section 141(3) of the Companies Act, 2013. It lists out persons who cannot be appointed as auditors, such as employees of the company, relatives of employees, persons having financial interests in the company over certain thresholds. It provides exceptions for relatives holding small amounts of securities. The section also defines relatives under Section 2(77) to include lineal ascendants and descendants, siblings and their spouses. The document emphasizes that success requires hard work and those who work hard are never defeated.

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    © All Rights Reserved
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    15 views11 pages

    The Company Audit 02 - Class Notes - Udesh Regular - Group 2

    Uploaded by

    thefunkies10
    The document discusses disqualifications of a company auditor under Section 141(3) of the Companies Act, 2013. It lists out persons who cannot be appointed as auditors, such as employees of the company, relatives of employees, persons having financial interests in the company over certain thresholds. It provides exceptions for relatives holding small amounts of securities. The section also defines relatives under Section 2(77) to include lineal ascendants and descendants, siblings and their spouses. The document emphasizes that success requires hard work and those who work hard are never defeated.

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    of 11

    Udesh Regular

    For CA Intermediate

    Auditing & Assurance


    Subject: .....................................................................................................................................

    The Company Audit


    Chapter Name: .........................................................................................................................

    Lecture No.: ..............................................................................................................................


    Topics to be covered
    Section. 141(3) – Disqualifications of a Company Auditor
    Section-141(3)+Rule 10 of CAAR, 2014
    (a) A body corporate except LLP registered under the LLP Act, 2008
    (b) Officer or employee
    (c) Person who is a Partner/Employment → of an → Officer/Employee → of the
    company.
    (d) A Person OR His Relative OR His Partner

    Holds
    Security Interest Indebtness > Given Guarantee >
    ₹5,00,000 ₹1,00,000 of a third
    party
    Holding Co.

    Subsidiary Company Associate Co.

    Subsidiary

    EXCEPTIONS
    Person Partner Relative
    Securities/Interest Should be ZERO Should be ZERO Allowed up to ₹1,00,000 Face Value

    If exceeds ₹ 1,00,000 F.V.

    Corrective Action

    Within 60 Days
    Section-2(77) → Relatives
    Related as a member of HUF

    Father/Step Father Mother/Step Mother

    Brother/Step Brother Sister/Step Sister

    Son/Step Son + Wife Daughter+Husband


    Aaj Ka Quote

    कुछ ककए बिना जय जयकार नह ीं होती,

    कोशिि करने वालों की कभी हार नह ीं होती ||


    Thank You

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