What is Appointment of First Auditor?
Nexa Consultancy | Startup & Finance Glossary
As per the Companies Act, 2013, the Board of Directors of a newly incorporated company must appoint its first statutory auditor, a practicing Chartered Accountant, within 30 days of incorporation.
Startup Example: A startup is incorporated on June 1st. Its founders (the initial directors) must hold a board meeting and pass a resolution to appoint an auditor on or before June 30th.
This is one of the first post-incorporation steps we manage for new ventures under our Business Setup services.