Change in the name of the audit firm

[INDRANI SANKA]

Hi Friends,

An Auditor has been appointed in the AGM. If the name of the audit firm changes after his appointment would it be sufficient to just pass a board resolution taking note of the same.

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Thanks,

Indrani

[INDRANI SANKA]

[HEGDE KAMALAKAR]

If majority of the partners / proprietor of the erstwhile firm continue to become the partners/proprietor of the new firm then there is no problem to carry on the assignment in the new name even though it is assigned in the old name.

 

However,  get a copy of the change of constitution letter of the firm issued by ICAI from the new firm and confirm the above said condition before taking the note of the same in BOD.

 

Other views solicited.

 

CA.Kamakakar Hegde.

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Thanks,

Indrani

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[INDRANI SANKA]

Thank you Sir, for your valuable opinion.

Could you please draw my attention to the section which speaks about the same if any.

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Thanks,

Indrani

[Soumitra Chawathe]

Hi,

Completely agree with the views of Hegde Ji. When the auditors are reappointed in the next AGM, in the resolution, just mention "Formerly known as____________ (OLD NAME)" just to avoid any confusion over the matter.

Similarly you can mention the same fact under the heading "AUDITORS" in the DIRECTORS' REPORT for FY ended 31.03.2012

Regards

Soumitra 

[INDRANI SANKA]

Sure Sir. I'll take note of your valuable suggestion.

[HEGDE KAMALAKAR]

This is difined in the Chartered Accountants Regulations 1988 under  heads like Constitutions, Re-constitution, Merger ,Demerger of the CA Firms. It is not defined under the Companies Act 1956.

[INDRANI SANKA]

Thank you Sir. Will go through it immediately.