The major factors that are considered in selecting and retaining an auditor include the size of the audit firm, the status of ongoing auditor engagements, the cost of the auditor firm service and the specialty of service the auditing firm offers.
one key consideration is the independence of the auditing process as history and research has indicated that the success of the external auditor is predominantly based on the probability that an auditor will both find and report a breach in the financial and accounting systems on an organisation.
Eligibility, Qualification & Disqualification as per sec 141 of the companies act,2013
Written consent of auditor & certificate that appointment is as per prescribed condition to be obtained by company
certificate should indicate that auditor satisfies criteria u/s141
company inform auditor of appointment & file notice of appointment with ROC within 15 days of AGM
