Welcome to Filingpoint Best consultant for Auditor Registration Expert +91 72999 72500
Whether it's due to preoccupation with other assignments, conflicts of interest or personal reasons, the resignation of an auditor triggers a chain of regulatory compliances and vacancies that need to be addressed promptly. Detailed in Section 140 of the Companies Act, 2013, these compliances require that the resigning auditor gives a notice at least 30 days prior to his/her resignation and files Form ADT-3 with the Registrar of Companies mentioning the reasons for the same. Non-compliance can lead to hefty penalties and fines.
The company reported that it has appointed MSKA & Associates as its new statutory auditors effective from August 12 until the date of the next annual general meeting of ATGL or till such time as it may determine, whichever is earlier.
Investors need to take note of such developments and assess the impact. For instance, Manpasand Beverages stock continued to fall over the long term after Deloitte Haskins & Sells quit as the auditors of the firm in May 2018. In such cases, retail investors need to make an assessment on how much they will lose if they were not exiting the stock before the news hit the market.
Similarly, shares of Byju's dropped after the audit firm Deloitte stepped down mid-term from the Indian edtech company's board following a legal battle and an investor cutting the firm's valuation. The edtech firm later appoint BDO as its new auditor.
Contact Filingpoint Auditor Registration in Vadapalani +91 72999 72500
Comments
Post a Comment