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TMI BlogSubstitution of section 25.X X X X Extracts X X X X X X X X Extracts X X X X ..... rs by the members at such a meeting shall be such as may be prescribed: Provided that before such appointment is made, the written consent of the auditor to such appointment, and a certificate from the auditor that the appointment, if made, shall be in accordance with such conditions as may be prescribed, shall be obtained from the auditor: Provided further that such certificate shall also declare that the auditor satisfies the criteria provided for eligibility for appointment as an auditor of a company under section 141 of the Companies Act. (2) The Corporation shall not appoint an auditor for more than one term of five consecutive years: Provided that an auditor who has completed the term of appointment shall not be eligible f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne auditor. (4) Any casual vacancy in the office of an auditor shall be filled by the Board within thirty days, but if such casual vacancy is as a result of the resignation of an auditor, such appointment shall also be approved by the Corporation in a general meeting convened within three months of the Board making recommendations in this behalf, and the auditor so appointed shall hold office till the conclusion of the next annual general meeting. (5) Where at any annual general meeting, no auditor is appointed, the existing auditor shall continue to be the auditor of the Corporation. (6) All appointments, including the filling of a casual vacancy of an auditor under this section, shall be made after taking into account the recomme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat are enumerated in section 144 of the Companies Act: Provided that an auditor who has been performing any non-audit services on or before the coming into force of section 137 of the Finance Act, 2021 shall comply with the provisions of this sub-section before the close of the first financial year in which the said section comes into force. Explanation .-For the purposes of this section, the word firm shall include a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 (6 of 2009.). Removal and resignation of auditor. 25A. (1) The auditor appointed under section 25 may be removed from office before expiry of the term of appointment only by a special resolution: Provided that be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his duties as auditor, and shall, amongst other matters, inquire into the following matters, namely:- (a) whether loans and advances made by the Corporation on the basis of security have been properly secured; (b) whether the terms on which loans and advances have been made are prejudicial to the interests of the Corporation or its members; (c) whether transactions of the Corporation which are represented merely by book entries are prejudicial to its interests; (d) whether so much of the assets of the Corporation as consist of shares, debentures and other securities have been sold at a price less than that at which they were purchased; (e) whether loans and advances made by the Corporation have been shown as deposits; (f) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s report shall also state- (a) whether the auditor has sought and obtained all the information and explanations which to the best of the auditor s knowledge and belief were necessary for the purpose of audit and if not, the details thereof and the effect of such information on the financial statements; (b) whether, in the auditor s opinion, proper books of account as required by law have been kept by the Corporation so far as appears from the auditor s examination of those books and proper returns adequate for the purposes of audit have been received from branches not visited by the auditor; (c) whether any report referred to in the proviso to sub-section (6) has been sent to the Corporation s auditor, and the manner in which the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporation, the accounts shall be audited either by the auditor appointed for the Corporation (herein referred to as Corporation s auditor) in this section or by any other person qualified for appointment as an auditor of the Corporation and appointed as such under section 25, or where the branch or office is situated in a country outside India, the accounts of the branch or office shall be audited either by the Corporation s auditor or by an accountant or by any other person duly qualified to act as an auditor of the accounts of the branch or office in accordance with the laws of that country, and the duties and powers of the Corporation s auditor with reference to the audit of the branch or office and the auditor thereof, if any, shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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