APPOINTMENT
AND REMUNERATION OF AUDITORS
Appointment of Auditors (S 357 of CAMA)
Auditors are generally appointed by the
shareholders (members) of a company in a general meeting by ordinary resolution
and to hold office from the conclusion of that, until the conclusion of the
next annual general meeting. It is however permissible for:
·
the directors to appoint the first
auditors of the company and fill any casual vacancy in the office of the
auditor (where at an annual general meeting, no auditors are appointed or
re-appointed, the directors may appoint a person to fill the vacancy);
·
The Registrar of Companies or The
Commissioner to appoint an auditor for a company if the company shall have had
no auditors for a continuous period of three months. The written consent of a
person is necessary before he can be appointed as an auditor
Auditors’ Remuneration (S 361 of CAMA)
Generally, the auditors’ remuneration is fixed
by the members of the company in a general meeting by an ordinary resolution or
in such manner as the company may determine. However, in the case of an auditor
appointed by directors of the company, the remuneration may be fixed by the
directors, for the period expiring at the conclusion of the next annual general
meeting of the company
ARTICLE BY MONDAY DESMOND
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