Qualification and experience of the individual or firm proposed to be appointed as auditor shall be considered by the board or by \'Audit committee \' in case company is required to constitute an audit committee. Sir, When is the case when audit committee shall be constituted?

1 answer

Ravi Staff March 22, 2018

Section 177
1.The Board of Directors of every listed company and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee.
Rules
(i) All public companies with a paid up capital of ten crore rupees or more;
(ii) All public companies having turnover of one hundred crore rupees or more;
(iii) All public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding fifty crore rupees
 As existing on the last date of latest audited financial statements shall be taken into account

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