Auditor's remuneration under Section 142 is fixed by:
AThe members in general meeting OR in such manner as may be determined therein
BCentral Government
CThe audit committee unilaterally
DThe auditor themself
Answer & Solution
Correct answer: B. Central Government
1. Section 142(1) places fixation with members in general meeting or in the manner determined therein.
2. Board may fix remuneration of first auditor; subsequent at AGM.
3. Includes fees plus reimbursement of expenses; excludes services other than audit unless approved.
_Source: ICAI BoS CA Final Paper 3, Ch 5 "Company Audit"_
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