Remuneration of Auditors
As per Section 224(8) of the Companies Act 1956 provided the Board of Directors fixes the remuneration of the first auditor. Where the auditor is appointed or re-appointed by the general meeting, the remuneration is fixed by the Annual/ General Meeting, or it may be fixed in any manner as determined by a general meeting. Where Central Government is approached for appointing the auditor, the Government fixes the remuneration. (This power of the Central Government is delegated to the Regional Director)
The remuneration fixed for an auditor is inclusive of all expenses allowed to him so that he cannot claim any amount additional to the remuneration fixed either as expenses or otherwise.
Monday, March 15, 2010
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