The section of the companies Act, 2013 which contains provisions regarding remuneration of the auditor is:
A. Section 139
B. Section 141
C. Section 142
D. Section 148
Answer: Option B
Solution (By Examveda Team)
Section 141 of the Companies Act, 2013 contains provisions regarding the remuneration of auditors. This section specifies various aspects related to the appointment, remuneration, and terms of auditors' services for companies governed by the Act.It outlines the eligibility criteria for auditors, their appointment by shareholders, the determination of their remuneration, and the limitations on additional services they can provide to the company.
Therefore, the correct option is Section 141.
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Related Questions on Auditing
A. 2, 1, 3, 4, 5
B. 1, 2, 3, 4, 5
C. 5, 1, 4, 3, 2
D. 4, 1, 3, 2, 5
Auditing and accounting are concerned with which of the following financial statements?
A. Auditing uses the theory of evidence to verify the financial information made available by accountancy
B. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
C. Auditor should have a thorough knowledge of accounting concepts and convention to enable opinion on financial statements
D. All of the above
Section 142 of the Companies Act, 2013 specifically deals with the remuneration of auditors. It outlines that the remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein. It also clarifies that the remuneration shall, in addition to the fee payable to the auditor, include expenses incurred by the auditor in connection with the audit and any facility extended to him. Sections 139, 141, and 148 deal with other aspects of auditors, such as appointment, eligibility, and cost audit,
Its Section 142
Should not this be section 142...?
Remuneration is mentioned in sec 224(8) right