India:
Ministry Of Corporate Affairs: Notification Of Companies (Audit And Auditors) Amendment Rules 2018
03 July 2018
NovoJuris Legal
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The MCA vide its notification dated 7 May 2018 has amended
Companies (Audit and Auditors) Rules 2014 by Companies (Audit and
Auditors) Amendment Rules 2018.
The Explanation to Rule 3(7) of Companies (Audit and Auditors)
Rules, 2014 stating that if the appointment is not ratified by the
members of the company, the Board of Directors shall appoint
another individual or firm as its auditor following the procedure
laid in the Companies Act 2013 has been done away with for
addressing the inconsistency of the Companies Act 2013 wherein
earlier removal would require a special resolution and approval of
the Central Government while removal through non-ratification would
need a resolution.
Rule 9 relating to liability to devolve on concerned partners
only stands omitted.
Source:
http://www.mca.gov.in/Ministry/pdf/AuditAuditorsRules_07052018.pdf
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