Auditor Registration in vadapalani - Filingpoint


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Filingpoint Investors have little control over resignations by auditors, but can react to the news when it is public. Markets do not usually react if the resignation is due to routine issues like health, personal reasons or conflicts of interest. However, they do respond negatively when the resignation raises governance issues. In such cases, the share price of the company takes a hit. For instance, shares of Reliance Capital and Reliance Home Finance fell by 32% and 33% respectively after PwC quit the companies citing "unsatisfactory response to queries" as a reason.

The reason behind these resignations is that audit firms are wary of associating with companies whose accounting practices may not be up to the mark. This is because they fear action by Sebi or the Ministry of Corporate Affairs if they certify accounts that later turn out to be fraudulent. In addition, investors are becoming more aware and are keeping a close eye on companies and their financials.

A resigning auditor needs to file Form ADT-3 with the Registrar of Companies within 30 days of accepting his/her resignation. The statement of resignation should be accompanied by an application fee as per the rules.

The company needs to appoint a new auditor by following the procedures laid out in the Act and the Rules. Upon appointing a new auditor, the company should issue a notice to the shareholders informing them about the change. This must also include the reason for the resignation of the previous auditor and the appointment of the new one.

Contact Filingpoint Auditor Registration in Vadapalani +91 72999 72500

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