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Question ID : 42301

Statutory Auditor

Can firm be the auditor of PVT LTd company where nephew of Partner of the firm is the promoter/director of the company?

Posted by arun daga on Jun 09, 2022

Filed Under Companies Act, 2013

Answer ID : 81524

IF NEPHEW IS HOLDING SUBSTANTIAL SHARE IN COMPANY THEN NO. (refer section 141 of companies act)

Posted by CA Shrawan Suthar on Jun 09, 2022
Answer ID : 81525

Nephew is not covered in definition of relative under Rule 4 of Companies (Specification of definitions details), Rules 2014. Hence there is no restriction to the firm in conducting audit of such company.

Posted by CA. chunauti dholakia on Jun 09, 2022