All You Need to Know to Start a Matrimony Business in India
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A Section 8 Company is formed with an intention to boost up arts, science, sports, research, education, religion, social welfare and protection of the environment or any other objective. These companies are registered as non-Governmental Organizations under the Companies Act, 2013 which follows the due process of Company Registration. The profit made should be utilised and invested in the company to promote the non-profitable activities of the company.
As per the regulations of Companies Act, 2013, it is essential for Section 8 Company to follow compliances prescribed by the Government. An auditor has to be appointed mandatorily by any Section 8 Company. If a company does not follow the compliances, they can end up paying penalty to the Government.
An auditor is a qualified individual who is trained to review and verify accounting data of a company. The person has to be recognised as a Chartered Accountant (CA) as per the Chartered Accountant Act 1949 and can be deemed as an Auditor.
What is the purpose of the appointment of the Auditor?
The main purpose of an Auditor in a company is to protect the interests of the shareholders of the company. The auditor is bound by the law to examine and maintain the accounts and update the directors about the financial state of the company.
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