Common use of Audit of Accounts Clause in Contracts

Audit of Accounts. The accounts of the LLP shall be audited by a Chartered Accountant in accordance with the provisions of the LLP Act, 2008 and rules made thereunder and the Income Tax Act. Appointment of Statutory Auditors Requirement relating to Audit of accounts and appointment of Auditor shall be governed by the provisions of Limited Liability Partnership Act, 2008 and rules made thereunder. Audit Fee The fee to be paid to the auditor shall be collectively decided by the Designated Partner(s), subject to such restrictions as may be considered appropriate by the partners. Qualification of Auditors A person shall not be qualified to be appointed as statutory auditor of the LLP unless he is a Chartered Accountant in practice. A firm of Chartered Accountants in practice formed exclusively by Chartered Accountants in practice may also be appointed as statutory auditors. Tenure of the auditor An auditor of the LLP shall be appointed for each financial year for auditing its accounts. Where no auditor has been appointed for any financial year, the auditor holding the office of statutory auditor shall be deemed to have been re-appointed, unless the majority of partners have determined that he should not be re-appointed and have given a notice to this effect to the LLP.