FORMAT OF BOARD RESOLUTION FOR APPOINTMENT OF THE FIRST AUDITORS
The item for appointment of first auditors in the minutes of board of directors' meeting can be like below:
The Board was informed that it was required to appoint statutory auditors for the company within one month from the date of incorporation of the company. It was further informed that the company has received their availability certificate from M/s. _________, Chartered Accountants, for their appointment as the first auditors of the company. The Chairman stated M/s. _________, Chartered Accountants is a firm of experienced professionals and they have good repo in financial advisory matter and therefore can be appointed as the first auditors. The Board considered the matter, and
“RESOLVED THAT pursuant to the provision of Section 224(5) of the Companies Act, 1956, M/s. _________, Chartered Accountants of ____ from whom certificate pursuant to section 224(1B) of the Companies Act has been received, be and are hereby appointed as the first auditors of the company to hold office until the conclusion of the first annual general meeting of the company at the following remuneration terms.
Audit fees: Rs. _____/-
Out of Pocket expenses: At actuals."