Auditor appointment services include help with discovering, engaging and appointing of Auditor for newly incorporated Private Limited Company (Audit fee will be extra based on the nature and volume of transaction).
ADT-1 serves as a notice to the Registrar of Companies regarding the selection of the inaugural auditor for a company. As per the Companies Act 2013, it's mandatory for every company to designate its first auditor within thirty days of its incorporation. Subsequently, upon appointment, the company must submit Form ADT-1 to the ROC within fifteen days.
The initial auditor remains in office until the inaugural Annual General Meeting (AGM), which must be convened within nine months from the fiscal year's end in which the company was established. During this AGM, shareholders can either confirm the first auditor's appointment or nominate a new one.
Selecting an auditor for the first time may seem daunting for a new company. Yet, adherence to the Companies Act is essential to sidestep potential legal repercussions. Compliance entails filing Form ADT-1 promptly, as mandated by Indian law. Non-compliance can lead to penalties and fines.
Credfy offers support in submitting Form ADT-1 and ensures compliance with legal stipulations for auditor appointments in your company.
The following information from the auditor is to be furnished in Form ADT-1:
The due date and filing penalty of the Form ADT 1 will lead to the imposition of the following penalties:
Sl.No | Delay in Filing (in number of days) | Penalty Leviable |
---|---|---|
1 | Up to 30 days | Two times of Normal Fees |
2 | More than 30 days and upto 60 days | Four times of Normal Fees |
3 | More than 60 days and upto 90 days | Six times of Normal Fees |
4 | More than 90 days and upto 180 days | Ten times of Normal Fees |
5 | More than 180 days | 12 times of Normal Fees |