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Section 142 of the Companies Act 2013: Remuneration of Auditors

SECTION-142 (Remuneration of Auditors) under CHAPTER-X (Audit and Auditors) of the Companies Act, 2013

(1) The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein:

Provided that the Board may fix remuneration of the first auditor appointed by it.

(2) The remuneration under sub-section (1) shall, in addition to the fee payable to an auditor, include the expenses, if any, incurred by the auditor in connection with the audit of the company and any facility extended to him but does not include any remuneration paid to him for any other service rendered by him at the request of the company.

Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013) - link

(2) Section 142 of the Companies Act 2013 was notified by MCA Notification S.O. 902(E) dated 26th March 2014 (w.e.f. 1st April 2014) - link

(3) Further, refer the Companies (Audit and Auditors) Rules, 2014 - link
[Also check amendments, if any, to the Companies (Audit and Auditors) Rules, 2014]

This page was last updated on 23rd March, 2017.

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