Auditing

195. The board of directors shall appoint first auditor of a company

A. Within one month of completion of capital subscription state of the company
B. Within one month of the promotion of the company
C. Within one month of the commencement of the business of the company
D. Within one month of incorporation of the company
✅ The correct answer is option D.

199. Which of the following statement is not true?

A. A partnership firm can be appointed as a statutory auditor of limited company
B. Appointment can be made in the name of the firm
C. Majority of the partners should be practicing in India
D. All partners should be chartered accountants
✅ The correct answer is option C.
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