205. Appointment and remuneration of auditors

Question 1

205. Appointment and remuneration of Auditors

Answer 1

General overview
[205.01] Section 205 deals with the appointment and remuneration of auditors. The criteria for who can become a company’s auditor are laid down in s 10. Generally, the directors of the company have to appoint an auditor, within three months of its incorporation, who will hold office until the conclusion of the first AGM. Hence, the first auditor of the company is not voted in by the members but selected and appointed by the board of directors: s 205(1).